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PUBLIC DOCUMENT .... .... No. 9. 



FORTY-SECOND ANNUAL REPORT 



Insurance Commissioner 



C0imnmttoolt|j nf IPassatjnisdts* 



January 1, 1897. 



PART II. 

LIFE, CASUALTY AND ASSESSMENT INSUEANCE, 



BOSTON : 

WRIGHT & POTTER PRINTING CO., STATE PRINTERS, 

18 Post Office Square. 

1897. 

4* 









.\& 






TABLE OF CONTENTS. 



[For Index to Companies, see end of volume.] 



COMMISSIONER'S REPORT. 

Page 

Introductory, .... v 

The Matter of Rebates, ix 

Triennial Examinations, x 

The Assessment L ife Insurance Plan, ....... xi 

What a Mutual Life Insurance Company is; Its Rights and Duties, xxv 

The Reciprocal Obligations of Policy Holders, . . . ... . xxvi 

The Composition of the Life Insurance Premium, xxviii 

What is the Equitable Surrender Charge on Lapsing Policies ? . . . xxix 

" Insurance Value " not the Proper Basis of Surrender Charge, . . . xxx 

Endowments issued at Age 30, xxxi 

Another View of Surrender Charges, xxxiii 

Forbidden to Massachusetts Companies, permitted to Others, . . . xxxv 

Investment of Reserves, Loss from Premature Cash Surrenders, . . ' xxxvii 

Opinions of Experts on the " Insurance Value " Plan, .... xxxviii 

Commissioner Tarbox's View of the Massachusetts Non- forfeiture Law, . xli 

Small Corporations closed, . . . xlii 

Finally settled, . . . . . xlii 

Pending Settlement, xliii 

The Lingering Endowments, . xliv 

Criticisms and Comments upon the Massachusetts Non-forfeiture 

Law, xlvii-cxvii 

Surrender Values and Surrender Charges, xlix-cxvii 

Statistical Tables, Ratios, etc. (Regular Life) : 

Table A. — Summary of Income, Expenditures, Assets, Liabilities, etc.,. cxx 

Table B. — Ratio of Real Estate and Other Investments to Gross Assets, . cxxii 

Table C. — Disbursements in Detail, cxxvi 

Table D. — Ratio of Expenses to Mean Amount insured, .... cxxx 

Table E. — Claims by Death in 1896, with Ratios, etc., . . . . cxxxii 

Table F. — Policies issued, terminated and gained in 1896, . . . cxxxiv 

Table G. — Classification of Policies and Insurance in Force, . . . cxxxvi 

Table H. — Policies ceased in 1896 with Mode of Termination, . . . cxxxviii 

Table I. — Massachusetts Business, 1896, cxl 

Table J. — Miscellaneous Insurance Corporations — Accident, Fidelity, 

etc., cxlii 



IV TABLE OF CONTENTS. 

Page 

Massachusetts Life Insurance Companies, 1 

Life Insurance Companies of Other States, 45 

Casualty and Surety Companies, 229 

Summary of the Business of Assessment Life, Casualty and Frater- 
nal Corporations : 

Table 1. — Assets, Income and Expenditures, ...... 300 

Table 2. — Certificates issued, ceased and in force, with Massachusetts 

Business, 302 

Fraternal Beneficiary Associations : 

Table 3. — Title, Location, Officers, 304 

Table 4. — Income, Expenditures, Assets, Membership, . . . . 321 

DETAILED STATEMENTS. 

Assessment Life and Casualty Companies, n 335 

Fraternal Beneficiary Associations, 387 



(£0mm0ttbxeaIifr ai ipassaxfrttsetls. 



Insurance Department, Boston, April 14, 1897. 
To the Honorable the Senate and House of Representatives. 

Part II. of the annual report of this department relates to 
insurance and insurance companies other than fire and marine 
as authorized in this Commonwealth, and is herewith submitted 
in compliance with the statute. It comprises abstracts from the 
sworn annual returns of the companies, together with sum- 
maries of the various particulars of their business. 

As relates to the business of the level-premium life com- 
panies, the record of the past fifteen years has been one of 
continual progress in growth of all the elements that go to make 
up strength and stability of these establishments. There is no 
longer any hint of doubt or question as to the ability of these 
companies to carry out fully and honorably the insurance con- 
tracts to maturity. All cavilings, doubts, jealousies and dis- 
agreements on the many minor points which must always be 
expected in a business of such far-reaching and tremendous 
influences fall and disappear before the one vital question of 
undoubted ability to meet and protect their policy obligations.. 

All the well-established life companies of this class now 
authorized in this Commonwealth have attained a growth and 
size that enables each one to realize and exercise the advantages 
of the great averages which are the essential and indispensable 
conditions of the ability of an insurance company. In respect 
to number of policies, each one has an ample sufficiency to 
bring out and prove the conditions assumed in the mortality 
tables in relation to the expected rate of failure of insured lives. 
And, as appears by their statements, the actual experience of 
each in this respect is well within the provision made therefor 
in the calculation of their premium rates. 

The great volumes of assets required to be held by the com 
panies in order to secure the fulfilment of their contracts nec- 
essarily compel investment in a great variety of securities. 



VI REPORT OF THE 

Assuming, then, that these investments are made with intelli- 
gence and prudence, which implies those of a conservative and 
non-speculative character, and that from the nature of the 
obligations of the companies it is never necessary to convert 
more than relatively small amounts at any time, there follow 
large opportunities for securing those of the best and most 
permanent quality. The experience of this department, in 
investigation of the character of these transactions during the 
examinations which it has been called upon to make of many 
of these great institutions, has constantly impressed the con- 
servatism and painstaking with which these enormous masses 
of property have been cared for ; and the commissioner records 
with satisfaction his confidence in the substantial condition of 
these properties and the manifest prudence and intelligence 
that have been exercised in their care. 

These investments, of so great volume and variety, necessa- 
rily participate in the character of all the sound and reliable 
properties of the country ; and, although there have been and 
may be periods of depression which affect nominally all values, 
there exists no necessity for any changes of investment on 
that account by the companies ; when the wave passes they are 
found again in the same general condition as the average of the 
substantial investments of the community. Probably there is 
no other class of institutions holding large trusts less sub- 
ject to sudden and forcible conversion or change of invest- 
ments than the life companies, and hence none able to show 
better average earnings and results ; and in the report of inter- 
est earned during the year, the rate per cent, realized shows no 
material variation from that of recent years, and that the 
reserves in this respect are well protected. 

So far, then, as the amount of property to protect the policy 
obligations and the mortality and interest experiences are con- 
cerned, the conditions are favorable and satisfactory. The 
volume of business done and the grand totals of amounts in 
force show relatively the same increase as in the previous year, 
and are indicative of active and healthy conditions, and that 
with return of business activity there will be no lagging of 
enterprise or lack of progress. 

The massive amounts of funds held by the companies and 
the enormous number and amounts of their contracts in force 



INSURANCE COMMISSIONER. Vll 

illustrate to what an extraordinary extent life insurance has 
come to enter into the business affairs, fortunes and homes of 
the people. It is no longer considered as a speculation or a 
luxury, but as an absolute essential to the modern forms and 
habits of living and business. Any former distrust of its 
reliability and permanence has disappeared, and the chief con- 
cern now is to obtain its helpfulness and advantages at the 
most reasonable and economical cost. The public has come to 
recognize the fixed and indispensable cost of the insurance 
proper, — the provision for mortuary claims, — but the inci- 
dental expense of conducting the business is still ' ' the dead 
fly in the ointment." 

The confessedly extravagant expense of procuring and main- 
taining the business has more than once been remarked upon 
in these reports, — suggestions here and elsewhere, urgent and 
frequent, — and that the wastefulness caused by the manner in 
which the procurement of new business is conducted should 
and must be corrected and repressed by a strong hand. This 
is felt and appreciated to the full by the managers themselves, 
and they would most gladly correct it, but how to begin is the 
difficulty. "The way to resume is to resume," the "way to 
stop rebating is to stop it ; " and, similarly, the way to stop 
paying out the whole first premium to the broker for obtaining 
the policy is to " stop it." The honest and earnest effort 
which has been and is being made to destroy the rebate 
thieving, and the fidelity with which the managers of the 
companies are fulfilling the anti-rebate compact, give strongest 
proof that a similar agreement in respect to the unauthorized 
and unjust use of any portion of the net premiums for the 
procurement of new business may bring about, without legis- 
lative interference, the inevitable reform in this particular. 
The sinful agent may be a guilty rebater without the knowledge 
of the home office, but the perpetration of unholy commissions 
and allowances necessarily implicates bigger sinners with him. 
Already legislative mutterings touching this needless and 
wasteful practice are heard in more than one direction. 

But this matter cannot easily be mended by legislation, without 
danger of absolute destruction to the companies ; for, except in 
the inconceivable case of legislation similar and simultaneous in 
all States in which life companies are domiciled, the effect would 



Vlll REPORT OF THE 

be to restrain companies of the State legislating, while the others 
could abandon the jurisdiction and operate at will elsewhere ; 
it would result that the company so crippled could not offer in- 
ducement of the market price for business, and agents would 
not remain in its service ; it could therefore simply collect its 
renewals and gradually taper out. But, even more serious than 
this, it would deprive the citizens of such State of any choice 
in selecting their insurance, and compel them, if they were to 
have any insurance at all, to take Hobson's choice in their home 
company, which, being crippled and twisted out of shape by 
legislation, might not be able to present a desirable or suitable 
form. Besides, people have not come to such degree of education 
in life insurance matters as to be in the habit of going out and 
hunting for it ; for probably not in one case in five hundred, 
where insurance has been taken and really needed and appre- 
ciated by the owner, would it have been had if the matter had 
not been brought to him and explained by the experienced and 
industrious solicitor. The question thus comes to have a moral 
force which should prevent any action by the legislatures 
toward this effect until clearly shown that it cannot be brought 
about by the voluntary action of the companies, who owe it to 
their clients and the great public, which make their existence 
possible, to give an honest and earnest effort in this direction. 

If the size and condition of the companies made great addi- 
tions to the volume of their business indispensable to the best 
good of these institutions, or if the field was scant and the 
number of fit candidates so small as to make a wild scramble 
necessary, or the number of competing companies so great 
or increasing as to justify a doubt that the material was suffi- 
cient to go around, there might then be seen some reason and 
excuse for the prodigal sums put forth to cover the initial costs 
of the business. But none of these conditions obtain, for, 
as is claimed and demonstrated, each of the companies should 
now be able to carry forward every one of its policies to 
honored maturity and keep up present membership to as good 
profit and advantage of its clients as would be the case if its 
numbers were increased tenfold; nor can the field be called 
scant while there are yet ungarnered at least five times as many 
acceptable candidates in this country as there are now members 
of the companies ; as to competition from increasing number 



INSURANCE COMMISSIONER. IX 

of companies, the history of the last dozen years shows the 
improbability in that direction. So there is no excuse what- 
ever in either of these conditions, and the companies have the 
whole case in their own control. The mischief in the prevail- 
ing custom of allowing a first commission so much in excess 
of the expense loading of the year is that this excess has to be 
borrowed from the funds of the older members, and, in case 
of lapse before the subsequent premiums shall have made up 
the advance, such loan becomes a dead loss to the funds. 

If the companies please, they can so conform the initial 
expense as, while not reducing the aggregate compensation to 
the deserving agent, to spread it over the years in such a way 
that no year should be called to contribute more than the 
expense loading of the premiums; and the new business thus, 
as it should, take care of itself without becoming a burden 
upon its neighbors, and a great scandal and danger from hos- 
tile legislation would be happily removed. 



The Matter of Rebates. 

The appointment, by the companies entering into the rebate 
agreement, of the late Ex-Gov. Wm. E. Russell as referee 
was a most admirable one, and the advantages anticipated by 
his selection were much more than realized. His high charac- 
ter for intelligence, integrity and firmness at once impressed 
all interested in the subject that this important office would be 
administered without the slightest hesitation or favor ; and this 
impression, supplemented by the few decisions he was called 
upon to make, carried the whole measure to a high and digni- 
fied plane, and commanded universal respect and encourage- 
ment. The sudden and untimely ending of this most esteemed 
and valuable life was sincerely and deeply deplored, but his 
work, though brief, is living and lasting. His successor, Hon. 
Thomas B. Reed, needs no introduction in this country wher- 
ever insurance extends its helpful hands. The success attend- 
ing the efforts to detect and punish violators of the anti-rebate 
laws fully vindicates the plans and agreements entered upon 
by the majority of the life companies. It is not claimed that 
it has entirely eradicated the evil, nor that it is likely or pos- 
sible to do so under existing conditions, but that it has had 



X REPORT OF THE 

a very marked effect in diminishing it, and in promoting a 
healthier tone to the business, is the universal testimony. 

One of the greatest hindrances that the movement has now 
to contend against is the position of those few influential com- 
panies who profess the greatest solicitude for the suppression 
of the evil, but still stand aloof from participation in the earnest 
efforts to effect its suppression. If there w T as at first any reason 
for misgivings as to the sincerity of those in the compact, or 
for doubt as to the feasibility of their attempts, these reasons 
obtain no longer. It is notable that the most numerous and 
apparently best authenticated complaints come against the 
agents of these non-affiliating companies ; but, their principals 
not being in the agreement, the referee of course has no juris- 
diction to consider them, and they go unwhipped and defiant, 
to the discouragement and demoralization of all the others. 

These companies claim that their agents are under the most 
strict injunction to refrain from even the appearance of evil in 
this respect, and express highest confidence in their entire and 
loyal obedience to their companies' wishes. But the fact re- 
mains, as aforesaid, and it is not to be doubted, that, if these 
companies would now become allied to the compact, and allow 
the rules applied to all others to operate, there would soon 
result the disclosure of not a little surprising hypocrisy among 
these supposed-to-be loyal and dutiful agents. 



Triennial Examinations. 

In the list of companies examined in the year 1896, under 
the provisions of law requiring triennial examinations of insur- 
ance companies incorporated in this Commonwealth, were the 
Massachusetts Mutual Life Insurance Company of Springfield 
and the State Mutual Life Assurance Company of Worcester. 
Both are old and stable companies, the latter having begun 
business upwards of half a century ago, and the former but a 
few years subsequently. 

It is perhaps needless to say that the examinations, which in- 
quired carefully and minutely into every item of assets as well 
as such items of liability as had not previously been calculated 
by this department, revealed no errors. Every bond or other 
security called for by the books was seen, or its absence, as in 



INSURANCE COMMISSIONER. XI 

the case of a few mortgages in the hands of attorneys for fore- 
closure, accounted for. 

The present period of business depression has been a crucial 
one for investments, and no better evidence is needed of the 
integrity and good judgment of those in control than the fact 
that a financial institution like a legal reserve life insurance' 
company has passed through it not merely in a sound and sol- 
vent condition, but with increasing surplus and steady growth. 
Such progress has been made in the case of each of these com- 
panies, — a fact which their respective policy holders should 
view with satisfaction, and which their officers will be excused 
if they regard with pride. 

The Assessment Life Insurance Plan. 

The law under which the business of insurance upon the 
assessment plan is authorized was enacted in 1877. Previous 
to that time a little so-called mutual aid or benefit business 
had been done incidentally and in a very limited way by Free- 
masons and other secret societies, under the statute allowing 
fraternal, charitable, scientific, etc., societies to attach to their 
organizations a system of benefits for the assistance of their 
widows and orphans. It was usually in the form of a fixed con- 
tribution of one dollar, with ten or fifteen cents additional for 
expenses, from each member on the death of an associate, and 
was carried on in the simplest and least expensive form, and 
without any pretence of being any more than a mere incident 
to the original purpose of their association, — ■ certainly with 
no pretension or claim to be a substitute or rival of regular life 
insurance. But the statute of 1877, by permitting societies 
and associations to be formed for the special and sole purpose 
of life insurance, opened a new and unexplored field. 

It may be well here to review the position of life insurance 
at that time, its extent and its capacity for meeting the public 
confidence and demand. The business has had practically its 
entire growth since the war of the rebellion. There were, to 
be sure, many of the companies, now operating, in existence 
before the war, but the whole amount of their combined 
business would not then much more than equal that of any one 
of a dozen companies of the present time. 



XI] EEPORT OF THE 

The life insurance scheme in the earlier time was novel, and 
there was associated with it in the public mind a certain chill 
of aversion and reluctance at what seemed in some sort the 
placing a money value upon a human life, which had to be 
removed and its purpose popularized ; besides, the customs 
of life and plans of business did not then seem to demand the 
aid of life insurance, as their later development and expansion 
have since made almost indispensable. 

Toward the close and immediately following the war, how- 
ever, it took a wonderful impetus, and participated with almost 
every other kind of business in the inflation of that period. 
New companies sprang up everywhere, and their competition 
promoted every manner of scheme and the greatest prodigality 
of expenditure and investment. But with the reaction in the 
general business of the country which set in decidedly in 1872 
came the culmination of the career of these fledglings, and in 
the following six years nearly the whole brood disappeared. 

It is a noteworthy fact that nearly every one of the life com- 
panies that were established before the w T ar is now in prosperous 
existence, while nine-tenths the entire number of those organ- 
ized during or since that period have failed. No new old-line 
companies were formed in this State, and the five then in exist- 
ence are still in active operation. 

The failure of these companies and its depressing effect upon 
the public confidence in the survivors carried dow T n the amount 
of insurance in force from nearly $2,000,000,000 in the 65 
companies in business in this State in 1870 to about $1,400,- 
000,000 in the 27 left in 1880, — $600,000,000 in ten years' 
time. 

But in all this time and during these changes the people had 
become more thoroughly educated into the necessity and value 
of life insurance. Under the changed methods of living and 
business brought about by the marvelous developments and 
strides of improvements, life insurance seemed and was to many 
the only chance and resource for leaving a support to the fam- 
ily, — they felt its need, and must and would have it in some 
form. 

The heavy losses and injuries to confidence given by the 
failure of so many of the old-line companies made the public 
distrustful and reluctant of venturing more money to the sur- 



INSURANCE COMMISSIONER. Xlll 

viving companies than was barely necessary to pay for the least 
expensive policies. They wished, therefore, to pay for their 
life insurance just as they did their fire insurance, year by year 
(ignoring the inevitable rise as age goes on and its as inevitable 
ultimate prohibition and distress) . The methods of the old-line 
level-premium companies did not seem to meet their desires. 

Here stepped in the scheme of assessment insurance. The 
movement, it cannot be denied, was in large measure a protest 
against wrongs the people had suffered from the failed old- 
liners, and, if it could have been held intelligently to its legiti- 
mate scope, — that of furnishing temporary insurance at actual 
temporary cost, — and not been allowed to essay the impossible, 
it might have remained a permanent and helpful ally to the 
whole life and endowment plans of the old-liners, and proved 
lastingly useful, as it has undoubtedly done temporarily in 
hundreds of thousands of cases, — a gracious boon, — in spite 
of its impossible assumptions. 

But no sooner was the door open by the legislative action 
than the ubiquitous and inevitable promoter and perverter 
rushed in, beating the air with his clap-trap cries of "Pay as 
you go," "Pass the hat when claims arise," "The reserve is a 
crime," "Keep your reserve in your pocket," "The old-liners 
are robbers," " Go as you please," etc., — wholly heedless and 
impervious to the inexorable fact that as age advances deaths 
become more and more frequent, and hence the calls are more 
and more loud, frequent and imperative, until further payments 
must become impossible, and the concern sinks of its own 
weight, carrying with it a mass of unprotected age, helpless- 
ness and misery, and the burning proof that whole life insur- 
ance cannot permanently be done on the assessment plan. 

The cry w T as alluring, and the public flocked to it by legions. 
Immediately following the passage of the law there were organ- 
ized here some three score corporations for the "transaction 
of life insurance upon the assessment plan." It will be noticed 
that, the new law simply permitted the formation of associations 
for this purpose, with the single exception that policies should 
not be issued with a fixed premium, but was otherwise wholly 
silent as to what that plan was, and placed no limitations to the 
methods by which it should be conducted, — not a single defi- 
nition or regulation by which even the most palpable frauds 



XIV REPORT OF THE 

and absurdities might be checked or repressed. This over- 
sight has been a theme of constant and unlimited wonder, in 
view of the scrupulous and jealous anxiety evinced by the 
legislature in regulating; the affairs of the Massachusetts old- 

© © © 

line life companies by rules so stringent as to be in some 
directions almost prohibitive to their business. 

Many of these new-formed associations were organized by 
well-known and esteemed men of great integrity and business 
ability in other directions, under the professed and evidently 
sincere purpose of furnishing to their neighbors and fellow 
citizens a protection for their families in as safe and much 
cheaper way than could be obtained from the old-line com- 
panies. And the fate of their enterprises only proves again 
the old maxim that * ' honest ignorance may be more dangerous 
than designing fraud." Others again started in with less phil- 
anthropy but more business intention, and still others, and the 
majority were on the " dead make." 

The boom was lively and the air abuzz, and a merry seed and 
harvest time for awhile ; but soon the palpable absurdity of 
promise and plan of some and the greedy deviltry of others of 
the promoters came in sight, and the havoc of absorption, 

amalgamation and selling out began. Those of the more saga- 

© © © © 

ciously managed, however, kept on, watching the evolution of 
the business, moving out cautiously, spreading and gaining in 
volume. 

As time went on, one of the noticeable and uncomfortable re- 
sults of the plan sought correction. The calling of assessments 
whenever a death occurred gave the business a very jerky and 
desultory motion. A loss might occur within a week of another 
or again at a much greater interval, so that all were made un- 
certain and uneasy as to when the assessment might fall. It 
was then apparent that a fund of some sort must be established 
which could promptly meet claims for losses, and at the same 
time equalize and locate the intervals of assessment calls ; and 
thus the first lesson of the need of some kind of a " hated re- 
serve " was learned. Permission was asked from the legislature 
to allow a reserve or * ' emergency fund " of one assessment to 
be at all times held for the above-named purpose. 

Soon also the failure of so many of these associations began 
to carry a suspicion of all, and it seemed necessary, in order to 



INSURANCE COMMISSIONER. XV 

gain and hold confidence, that some pledge or fund outside of 
the keeping and control of the managers must be provided ; and 
so the legislature was asked to permit a deposit equal to one 
full assessment to be placed in the hands of the State Treasurer 
as a pledge or bond. 

Soon again it seemed to the managers of such of those remain- 
ing as could afford it that an additional reserve or emergency 
fund would better promote confidence and secure the future 
against unforeseen chances. Permission was therefore sought to 
raise this fund to an unlimited number of assessments in the 
hands of the management. 

But meantime the failure of nearly all their early companions 
created a general distrust of those remaining, especially as the 
advancing age of the membership as time went on brought 
more and more frequent deaths, and the inevitable increase in 
amount of assessment calls. The early claims of superior 
cheapness over their old-line neighbors were thus rapidly 
losing force, and something else had to be done to justify their 
existence. 

Under the law allowing more assessments for the emergency 
fund they had under the provisions of the statute of 1890 
the right to distribute the interest of this fund, together 
with any other accretions from time to time, back to the 
members in such form and time as they pleased. Under this 
privilege arose the promise of " dividends," " tontines," " sur- 
render values," etc., in imitation of the old-liners; they also 
(either in absence of law or defiance of law, it is not altogether 
clear which) adopted in their literature and rates, which now 
began to be called " premiums," plans of level, ten and twenty 
payment life policies, — in spite of the fact that the law ex- 
pressly says that mortuary provision shall be made " not by 
fixed premiums." 

Incident to and growing directly out of the theory of assess- 
ment life insurance in its most flourishing davs arose the noto- 
rious assessment endowment and bond craze. The mental 
process by which it was arrived at was this : "If, as is now 
apparent, the life insurance business of the old-liners can be 
carried on as safely and so much more cheaply by the assess- 
ment companies, so therefore can the endowment business of 
the old-liners be conducted with equal certainty and economy 



XVI REPORT OF THE 

by the assessment plan." And no sooner was the cue given 
to this form of speculation than it seemed to pervade and 
bewitch the whole community with its banner cries, "The 
poor man's short road to wealth," "The fatherhood of God 
and the brotherhood of man," "The wonders of the perfect 
number seven," "Get rich quick," "A fortune while you 
wait," and to which should have been added " Success to 
crime." The history of the rise and progress of those bubble 
schemes is too recent to need elaboration ; it is enough to say 
that in their brief career they transferred more than $12,000,000 
from the hands mainly of those least able to spare it, one-half 
of this, at least, directly to the pockets of the promoters and 
the shrewder players in the game ; then, under a touch of 
legislation, this sham scheme fell apart and vanished like a 
shameful dream. 

The evolution now is complete ; out of the sixty-two assess- 
ment life companies organized under the early law only two 
now remain, and these two by successive " movements " have 
brought themselves, so far as can be done by adoption of rules, 
resolutions of the Board, campaign literature and general as- 
sumption, into full-fledged old-line life insurance companies, in 
every particular except the trifling absence of the basement 
and foundation of the business, — the reserve. They are now 
in the same position, therefore, as any old-liner (of similar size, 
age and health conditions) would be if suddenly divested of 
its many millions of reserve held indispensably to protect the 
future of its policies. 

The experiment is also complete, and the present condition 
of the Massachusetts Benefit, with its loss of nearly one-third 
of its old membership within the year, and the constant gain 
and strain of death claims, under the impaired vitality result- 
ing from this selection against the old class by the flight of 
healthy members, and the heavy burden of meeting the in- 
evitable losses of the near future, shows most conclusively that 
the pure assessment plan of whole life insurance, although car- 
ried on under the most lenient and favorable laws and under the 
most lenient and favorable interpretation of them by the insur- 
ance department, by a board of managers excelled by those 
of no similar association in this country in sagacity and intel- 
ligence, with a well-selected membership of over 50,000, has 



INSURANCE COMMISSIONER. XV11 

utterly failed to meet the early promises of the advocates of 
this scheme. For, although this association has now come to 
adopt a scale of rates very much the same as the old-liners use 
for whole life policies, these rates can apply only to healthy, 
selected, insurable lives, while the risks of the old class, written 
prior to 1890, are considerably of an inferior and uninsurable 
character, both because of the natural decadence of vitality 
in the distance of time from their selection, and still more 
from the adverse selection against the association by the deser- 
tion of healthy lives on account of the well-known causes now 
in operation. But, even if not, the fatal omission of the 
reserve provision, inseparable from the level-premium plan, 
would render the scheme impossible, and another and higher 
adjustment imminent and inevitable, on these old policies. 

While it may cause a little sacrifice of pride of opinion, the 
matter might as well be looked squarely in the face, and the 
legislature be asked to effectually put a stop to a plan which 
can no more meet its pretences and will be just as sure to end 
in disappointment (although fortunately without the stain of 
such dishonor) as did the famous endowment associations which 
finished their experiment in 1890 

The assessment, or, better, the natural-premium plan of life 
insurance has a sphere and a mission which it can fill with 
honor and usefulness, and that is, furnishing temporary insur- 
ance up to age 60, or possibly 65, upon the pure cost plan. 

The costs of temporary yearly insurance range from $7 per 
$1,000 at age 20, $8 at 30, $10 at 40, $15 at 50, $30 at 60, $44 
at 65, $65 at 70, $96 at 75, $140 at 80, $205 at 85, etc. 

From this will be seen that a plan of yearly insurance on the 
yearly cost rates, advancing year by year with the age, can be 
carried on up to age 60 (or perhaps 65) without a distressing 
cost. And, if it can be confined to this scheme, there is no 
reason whatever why it cannot meet a great need and be sue-* 
cessful. 

Beyond that age pure assessment insurance cannot go ; this 
is proved beyond a doubt by the experience of scores of such 
attempts, and notably by the great fraternals who are now 
looking to the yearly or five-year renewable plan, having 
proved beyond question that the fixed entry rate for the whole 
term is impossible. They have also, however, yet to wrestle 



XV111 REPORT OF THE 

with the old-age problem, and what plan can be devised for the 
protection beyond 60 (or 65) is yet undeveloped. 

But it is clear that, if all of this class of insurance can be re- 
constructed and divested of the old-age problem by permitting 
none to remain beyond the prohibited age, the great want of 
insurance in the masses would be wholly filled and served. If 
any one desires whole life insurance, let him go where alone it 
can be safely and surely furnished, — the companies with a suf- 
ficient rate of premiums. 

There is one point which the assessment companies have 
heretofore sedulously concealed or nervously attempted to 
explain away, and that is its actual cost. If all the payments 
on an assessment policy in a term of years are added together in 
a particular instance, and then all the payments for a similar 
amount and kind of insurance in an old-liue company are 
similarly added, the difference in amounts will be found fully 
accounted for in the dividends paid and the reserve remaining 
to the credit of the old-line policy, which latter in a Massa- 
chusetts company is returnable in a cash surrender value (less 
a small surrender charge). And the vital advantage is always 
in the old-line policy, in that it gives the privilege to continue 
without increase of rate. 

If the assessment companies are not now able, through the 
obligation of contracts in existence, to make these changes 
in their plans, they can do so by aid of the legislature and 
the courts. For instance, as certain failure and bankruptcy are 
before them on their old contracts, let the legislature be asked 
to change the law as to future business, then let them petition 
into bankruptcy on old business, thus closing out all the origi- 
nal contracts, and then reconstruct under the new plan of term 
insurance as regards all members not over 50 or 55. 

The old assessment plan is alluring but specious. It is very 
pleasant to be told that your insurance will cost you only one- 
half the price the old-liners charge ; that the difference in 
amounts charged by the two classes is the reserve, which the 
old-liners use to build fine offices and pile up in great useless 
investments, while in the assessment companies you can keep 
this sum in your pocket, and it is just so much saved. If this 
were all true, it would be a grave comment on the honesty and 
intelligence of all connected with the old-liners, both officers 



INSURANCE COMMISSIONER. XIX 

and policy holders. That the latter should be willing to pay 
and the former to take these enormous sums through such a 
long series of years under such conditions would be the most 
marvelous concurrence of folly and greed on record. The 
evolution of the assessment system, however, is a sufficient 
vindication of the old-line system, and renders any denial of 
such charges needless at this day. 

There is one fact in common to all plans of life insurance, 
whether old-line, natural, assessment or fraternal, and that is, 
that the members will die off at the same rate in each. " Prov- 
idence has fixed the mortal law, and man has not the wit to 
defeat it." As age advances, the failures of life are more and 
more frequent, and in consequence the insurance costs are 
higher and higher in the same proportion. 

If, then, 1,000 persons at age 30 enter into an engagement 
that $1,000 shall be paid upon the death of each, it is clear that 
$1,000,000 will have to be provided in some way if the engage- 
ment is to be met, and the question is, How can this most 
surely, conveniently and equitably be done ? 

The natural-premium, assessment and fraternal systems are 
essentially the same ; that is, however differently they may col- 
lect their funds, their plan only provides year by year for the 
costs of the current year, without reference to any other year. 
And it follows inevitably that the costs of each succeeding year 
must show an increase over the next previous in proportion as 
mortality increases with the ageing of the membership. No 
one, from the day of the origin of modern insurance, has ever 
disputed this ; but it has been constantly claimed until recently 
that the continual accession of new and fresh members — new- 
blood theory — would operate to keep down the average age, 
and so offset the otherwise increasing- cost. The average-age 
new-blood theory is a mare's nest. For instance, at age 20 the 
cost of insurance for the year is $7, at 60 it is $30, making an 
average of $18.50 for each of the two lives for one year ; now, 
40 is the average age between the two, but the cost at 40 is $10. 
Again, the cost at 20 is $7, and at 80 it is $140, making an 
average of $73.50 for each; while at age 50, the average age 
between 20 and 80, the cost is $16. 

That the ' ' average-age new-blood " theory is fallacious and 
valueless is further and graphically illustrated by the experi- 



XX REPORT OF THE 

ence of the greater fraternals, which have gone on con- 
stantly from their inception increasing by greater and greater 
strides yearly in accessions to membership, but as steadily 
and constantly is the cost of their insurances creeping up- 
ward. 

The passing of this fallacy, then, leaves the assessment plan 
back in its original purpose, — the collection of funds for the 
payment of losses as they occur, without reference to the 
future. But time, " which proves all things," has now clearly 
shown that this process cannot continue without limit ; and, 
while it is very possible by this plan to furnish temporary in- 
surance at convenient cost, yet, when it is attempted to carry 
the process through whole life insurance, the increasing costs 
at length become prohibitory, and the scheme sinks in disap- 
pointment and disaster. And the question prudent business 
men have been asking themselves for quite a while now thrusts 
itself imperiously upon the attention even of the heedless, — 
< ' What are you going to do about it ? " 

In the light of the experience now acquired, stripping 
the subject of all the worn-out pretensions and exploded 
impostures that have infested it, it may be profitable to 
look to the basis of this business, and see whether the width 
and material of the foundation ever justified its pretentious 
superstructure. 

Throwing aside all * ' pass-the-hat " and similar nonsensical 
schemes, let us take the most favorable process under which 
the assessment plan is possibly applicable, — that of natural 
premium ; meaning by this the charging each year for the cost 
of insurance due to that age according to the approved table 
of mortality, and increasing this cost year by year, as advanc- 
ing age demands. 

In order to make the illustration clear, let this plan be com- 
pared with the undoubted and well-proved methods of the level- 
premium, legal-reserve or old-line business. In this illustra- 
tion no account is taken of any expenses or contingencies 
whatever, — nothing but the naked theory and results indicated 
by the assumptions of the tabular rates. 



INSURANCE COMMISSIONER. 



XXI 



Ordinary Life, Age 30. — Net Annual Premium, 
Level-premium Reserve Plan. 



U6.97. 



Year. 


l. 

Reserve. 


2. 

Amount at Risk. 


3. 

Cost per $1,000. 


4. 

Cost of Risk. 


1, • • 


$9 31 


$990 69 


$8 10 


$8 02 


2, . 






18 91 


981 09 


8 25 


8 09 


3, . 






28 83 


971 17 


8 41 


8 17 


4, . . 






39 06 


960 94 


8 58 


8 24 


5, . . 






49 63 


950 37 


8 75 


8 32 


6, . . 






60 54 


939 46 


8 93 


8 39 


7, . . 






71 80 


928 20 


9 12 


8 47 


8, . . 






83 45 


916 55 


9 31 


8 53 . 


9, . .. 






95 48 


904 52 


9 53 


8 62 


10, . . 






107 91 


892 09 


9 74 


8 69 


H, . 






120 77 


879 23 


9 96 


8 76 


12, . 






134 "06 


865 94 


10 20 


8 83 


13, . 






147 79 


852 21 


10 48 


8 93 


14, . 






161 93 


838 07 


10 82 


9 07 


15, . 






176 42 


823 58 


11 25 


9 27 


16, . 






191 25 


808 75 


11 74 


9 49 


17, . 






206 36 


793 64 


12 35 


9 80 


18, . 






221 75 


778 25 


13 00 


10 12 


19, . 






237 39 


762 61 


13 71 


10 46 


20, . 




. 


253 29 


746 71 


14 48 


10 81 


21, . 






269 43 


730 57 


15 33 


11 20 


22, . 






285 79 


714 21 


16 25 


11 61 


23, . 






302 35 


697 65 


17 26 


12 04 


24, . 






319 10 


680 90 


18 36 


12 50 


25, . 






336 02 


663 98 


19 53 


12 97 


26, . 






353 10 


646 90 


20 83 


13 47 


27, . 






370 32 


629 68 


22 24 


14 00 


28, . 






387 66 


612 34 


23 73 


14 53 


29, . 






405 13 


594 87 


25 37 


15 09 


30, . 






422 68 


577 32 


27 16 


15 68 



XX11 



EEPORT OF THE 



Ordinary Life, Age 30. — Net Annual Premium, $16.97. 
Level-premium Reserve Plan — Concluded. 



Year. 


i. 

Reserve. 


2. 

Amount at Risk. 


3. 

Cost per $1,000. 


4. 

Cost of Risk. 


35, . 


510 21 


489 79 


39 26 


19 23 


40, 










594 38 


405 62 


57 78 


23 44 


45, 










672 13 


327 87 


85 07 


27 89 


50, 










741 64 


258 36 


125 06 


32 31 


55, 










803 56 


196 44 


182 38 


35 83 


60, 










862 23 


137 77 


281 14 


38 73 


65, 










912 17 


87 83 


496 45 


43 60 


70, 










1,000 00 


- 


961 54 


- 



Notice, at age 30, an ordinary life old-line level net premium 
of $16.97 per $1,000 of insurance. The first column shows 
the reserve at the end of the various years. Column 2 shows 
the amount which the company has at risk each year, being the 
difference between the $1,000 insured and the reserve belong- 
ing to the policy holder which the company holds to help meet 
the claim. No. 3 is the " natural premium," or the cost of 
insurance per $1,000 at the age then attained. This latter 
multiplied by the "amount at risk" shows the actual cost to 
the company of carrying the risk under the policy for that 
year, as appears in Column 4. 

It will be observed that at no time, under the level-premium 
plan, does the company have at its own risk the full $1,000, 
but the $1,000 less the reserve belonging to the policy ; and 
that the amount at risk constantly decreases as the reserve from 
year to year increases, so that for a long series of years the net 
annual premium is sufficient to pay this cost, besides aiding to 
increase the reserve ; and when the point is reached at which 
the annual premium is no longer equal to the cost of the risk, 
the balance is made up by a portion of the interest on the re- 
serve. The adjustment is so perfect that in no part of the 
progress of the policy is any increase of the annual payment 
needed, and, if continued to the end of the table, the reserve 
will then exactly equal the face of the policy. Under the level- 



INSURANCE COMMISSIONER. XX111 

premium plan the policy holder pays more in the early years 
than is needful to meet the cost of the risk, and the balance is 
laid up in reserve to equalize the cost of later years, and thus 
keep it down within the ability of the level premiums to pro- 
vide for it. 

It will be seen that under the level-premium plan two funds 
are provided for by the premium, — the reserve and the cost of 
insurance fund. The latter is the computed amount that this 
policy should contribute year by year to pay for the policies of 
those of this class that die during the year ; and this * ' cost of 
insurance " fund is calculated to be the exact amount which, 
when added to the reserves of the policies of those of that class 
who die during the year, will make up the sum insured and 
satisfy the policies in full. So the payment of a death claim 
would be after this fashion : first the computed reserve is taken 
from the reserve funds of the company, then to this is added 
sufficient of the cost of insurance fund of that class for that 
year to make up the face of the policy. Thus during the term 
of his insured life the policy holder has contributed his share 
to the losses of others in precise proportion of the cost of his 
own risk borne by the whole, and has laid up in the hands of 
the company a reserve to keep down his own risk within the 
capacity of the premium, and at last to aid in the payment of 
his -own policy. 

If, then, the insured dies while his policy is in force, it will 
be seen that every cent of the net premiums he has paid is 
accounted to his own proper share of costs and to his own bene- 
fit. If he should not die while his policy is in force, but should 
allow it to lapse, whatever he has already contributed towards 
the common costs of the insurance has gone to pay losses of 
others, but the reserve remains to his own credit (save a small 
fine which in a Massachusetts company the State exacts as a 
penalty for non-completion of his engagement), and may be 
withdrawn in cash upon his retirement ; and thus again are ac- 
counted for his entire contributions to the funds of the company. 

Returning now to the natural-premium or to the assessment 
plan : referring to the illustrative table, it will be seen that the 
amount called for year by year in Column 3 is what the insured 
would be expected to pay as his share for the losses of that 
year, — it is simply the computed cost of insurance per $1,000, 



XXIV EEPORT OF THE 

without any provision for reserve, there being no possibility of 
reserve under this plan. As there is no reserve, of course the 
amount at risk each year would be the full face of the policy, 
and the. premiums must increase with the age throughout the 
entire continuance of the contract. After a certain term of 
years, averaging about twenty, but varying with the age of the 
insured at the time of entry, the cost will have advanced to 
equal the net level premium of the old-liners. 

Up to this point the natural-premium charges have been easy 
to meet, and, as respects the size merely of the money paid out 
year by year, present a blooming contrast to the level pre- 
mium ; but there the comparison ends, and from this point on- 
ward there is nothing but the unrelenting call for more and 
more, until in the advancing ages it becomes impossible to 
meet, and the dream ends in disappointment and despair. As 
respects the effect of the payments, when it is reflected that the 
reserve under the level premium enables the insured to continue 
his policy at pleasure without increasing cost, and that upon 
lapse the amount to the credit of the policy fully equals the 
" reserve kept in the pocket " under the natural-premium plan, 
the comparison in respect to cheapness no longer favors the latter. 

The advantage of the level premiums, beyond the vital one 
of securing absolute firmness and stability to the institution, is 
that of permitting the insured to continue his contract to the 
very end, however remote it may be, without any need for the 
increase of his rate. To the natural-premium policy this is 
not possible ; it pays " cost of insurance " in exactly the same 
proportion as the level plan, but, having no reserve to counter- 
balance this cost, when it shall have advanced to the point 
where it meets and passes in size the level premium, all beyond 
is disappointment and confusion, and in case of lapse there is 
no possible surrender value. 

In relation to existing conditions as to policies of life insur- 
ance upon the assessment plan, where such have been continued 
for a considerable number of years, it is impossible to suggest 
any considerations or legislation which can remedy the com- 
plaints of largely increased assessments. The policy holders 
had their insurance in the early years at a very much less cost 
than was demanded by the level-premium companies, and as an 
inevitable result larger amounts must now be paid. 



INSURANCE COMMISSIONER. XXV 

Anent this topic, in the report of this department for 1886 
Commissioner Tarbox pointedly said : — ■ 

The step-rate, whereby the insured pays for each year of his 
insurance the assessment proportioned to his age in that year, is the 
equitable and logical one. Furthermore, it is my conviction that no 
life insurance company, except on the plan of an adequate reserve, 
can permanently prosper on any other assessment basis unless it can 
by some expedient secure equality in cost to its members. 

The experience of the past twenty years has clearly revealed 
the fact that assessment insurance, in order to be carried on 
successfully, must realize, in all of the younger ages, an amount 
of assessments annually approximating the rates of the level- 
premium companies, with an emergency fund nearly equal to 
that of the reserve required by law of the latter corporations ; 
or that, after a considerable period, the assessments must be 
so largely increased as to become a burden which in later years 
of life is impossible to be borne. While it is difficult, if not 
impossible, now to remedy by legislation or by practice the 
difficulties which exist in regard to these policies taken fifteen 
or twenty years ago, and upon which very low rates were paid 
for a series of years, it is time for the legislators of the Com- 
monwealth to consider whether there should not be for the 
future an abandonment of assessment insurance in the form 
in which it has thus far been carried on, and the adoption 
in its place, of the natural-premium plan, — a gradually in- 
creasing rate from year to year, with the distinct legal require- 
ment that such policies should absolutely cease and determine 
when the insured has reached 60, or at the outside 65, years 
of age. 

What a Mutual Life Insurance Company is, its Rights 

and Duties. 

As conducted under the laws of this Commonwealth, a mutual 
life insurance company and its policy holders are one and the 
same thing. Each policy holder has an equal vote and share in 
the control and plans with all the others. They choose their 
board of directors who are to carry into effect these plans through 
officers selected from their number. Each year a full report of 



XXVI EEPORT OF THE 

the doings of the year, and the general progress, is made to 
the policy holders, and is subject to review and criticism, and 
approval if found satisfactory ; if not, the whole management 
may be changed by vote of the policy holders, as has more than 
once been the case. The policyholders are the company; they 
contribute all the funds to pay for the conduct of the business, 
the expenses and the losses, and, if any saving of these funds is 
made over the estimated costs, they participate in its equitable 
distribution. Any burden of taxes or other requirements placed 
upon the company by legislation comes directly out of the indi- 
vidual policy holders. The 125,000 families whose interests are 
represented by life policies in our Massachusetts companies are 
the ones on whom the taxes and other legal burdens of the busi- 
ness fall, and the usual form of expression that these expenses 
and burdens "are borne by the companies" cannot conceal or 
disguise the fact that they are actually borne by the individual 
citizen policy holders, and no one else. 

Taxes, perhaps, are never pleasant debts, but the holders of 
life policies in this State recognize the propriety of the require- 
ment from them of a just share in the enforcement of laws for 
the protection of their property and interests. Still, it must 
not be forgotten that these policy holders' companies are not 
corporations established for money-making or other gainful 
purposes, neither are they charitable institutions, but in large 
degree like savings banks, — designed as aids to thrift, and 
mutual (with self*) helpfulness to families when untimely fail- 
ure of life deprives them of the support of their natural pro- 
tectors. There is no equity in the franchise of a policy holders' 
company, and nothing to tax as such ; for that there are no 
profits in such a company is plain on its face, and has long 
since been so decided bv the highest court, — the so-called 
profits being only a surplus of contributions by the policy 
holders beyond the actual needs of the business, and wnich 
must be by law returned to them ia periodical distributions. 

The Reciprocal Obligations of Policy Holders. 

From the nature and purpose of the organization it can be 

readily seen that the contributions made by the members of a 

mutual life company are of two distinct classes : one class is 

for the fixed expenses that go to maintain the institution, and 



INSURANCE COMMISSIONER. XXV11 

which, by the fact of his voluntarily applying for membership 
in the company, each pledges himself to share mutually and 
equitably with all during the normal term of his policy ; the 
other class is for the particular and special charges that are 
incurred solely on account of the individual member, and the 
need for this second class of contributions of course falls with 
the termination of his policy, but the need for the first is not 
wholly removed by his retirement before the end of the period 
of his policy, and is a just charge against the retiring member. 
It should be distinctly understood and remembered that the 
principle of mutual insurance does not contemplate the retreat 
or defection of either party ; the company cannot avoid the 
obligation, however desirable it might be from a pecuniary 
point to get rid of an impaired risk, and reciprocally the mem- 
ber should not be allowed to retire unless he leaves the con- 
tinuing members a proper compensation for the loss by his 
delinquency. And if upon the retirement of a member he is 
required to make good (to those continuing) his promised and 
fairly due share for his already incurred costs and for the future 
maintenance of the institution, he could then without injury or 
loss to his fellow members be permitted to withdraw and have 
applied to his own benefit — to his own purely personal ac- 
count — any unused portion of his previous contributions which 
then remains ; provided, always, that such defections are not of 
sufficient number to disturb the general averages which are the 
essential and vital basis of all insurance. 

It would seem that in such an association as this the mem- 
bers who mutually contribute the funds for its operation might 
safely be left to regulate their own internal affairs ; that the 
majority rule would secure fairness and justice of treatment to 
all, — especially under the influence of competition with other 
similar associations. The State has, however, undertaken to 
prescribe rules for the treatment of the retiring members of 
these companies, and perhaps no just and fair-minded complaint 
would be made of that, provided the reciprocal relations were 
also protected, and the remaining members were held harm- 
less on account of the retirement. 

The principle and right of self-preservation and self-protec- 
tion of the company for the benefit of the continuing members 
run through all rules of non-forfeiture everywhere, and were 



XXviil REPORT OF THE 

urgently and constantly insisted upon by the author of the 
Massachusetts non-forfeiture laws, although they sadly mis- 
carried in his attempts at their practical application. 

The Composition of the Life Insurance Premium. 

The net or mathematical premium, computed from the table 
of mortality and rate of interest which each company selects 
for itself, is calculated simply to cover the cost of insurance 
(losses by death) and provide the proper reserve ; that is, to 
take care of the insurance part of the contract, without any 
reference at all to expenses. All other contingencies and ex- 
penses of the business are provided for by another and separate 
fund, which is usually an estimated percentage of the net pre- 
mium, commonly called " loading," charged and collected at 
the same time with the net rate, the two together making up 
the gross or office premium as ordinarily published by the 
companies. 

This loading pays for all office accommodations and equip- 
ments, official, clerical and medical services, stationery and 
postage, agency commissions and travelling expenses, invest- 
ment and collection expenses, government taxes and fees, con- 
tingencies of loss on principal and interest of investments and 
of extra mortality. Such of these charges as pertain to the 
general and permanent maintenance of the institution must fall 
upon the whole membership, and each one in taking out his 
policy agrees to contribute to this support during the term for 
which his policy is written ; for it must be remembered that the 
company has no choice but to be prepared to continue its part 
of the contract throughout the term for which it is written, and 
the voluntary individual retirement of any member does not in 
any appreciable degree diminish the cost of keeping up the 
establishment, which has been incurred for himself equally with 
all the rest. These are the fixed charges, and must be borne by 
all. Another and very different class of expenses, as stated 
above, pertains to the individual policy without any direct re- 
lation to the others, and terminates with the policy itself. 
These are sometimes called the movable charges. 

The absolute necessity and propriety of requiring these fixed 
charges to be satisfied by retiring members before they can 



INSURANCE COMMISSIONER. XXIX 

justly be released from their contracts must be apparent from 
the very nature of the obligations of mutual insurers ; they are 
incurred for the service of all, and all are pledged to contribute 
equally to them, and no one can escape his just part without 
laying an unworthy burden upon the rest. This principle is 
not by any means confined to life insurance alone, but in sav- 
ings banks, building and loan associations and all mutual institu- 
tions forfeitures and fines are found absolutely necessary in 
order to preserve the equities and cohesion of the establish- 
ment. 

WJiat is the Equitable Surrender Charge on Lapsing Policies? 

It is easy to ascertain what the present value of the loadings on 
the future premiums receivable is, — it is one of the simplest cal- 
culations of the actuary's office ; and it should not then be diffi- 
cult for a manager of any experience to separate this into the 
fixed and the movable charges, — a plain question of arithmetic. 
The part going to fixed charges would be the " surrender 
charge," and by definition should be equal to the theoretical 
cost of getting in another member " equally valuable to keep." 
This of course pertains to premium-paying policies ; the single- 
premium or paid-up policies would need no treatment unless 
cash surrender value was required, — a subject treated elsewhere. 

The question, what is the proper share of the fixed expenses 
that is fairly chargeable to a retiring member of a mutual life 
company, and hence the just surrender value of his policy, is 
one that has been very much discussed ; and, while there has 
been no general practical agreement as to the precise amount in 
figures, the reasoning of Elizur Wright and his definition and 
limitation of the rights of a retiring policy holder to nothing at 
all until there should first be made good to the continuing 
members the injury to them and to the institution caused by 
the withdrawal, — as set forth in his writings and the quota- 
tions therefrom in last report, — seem to carry great force and 
weight. He goes on to explain the nature of the mutual 
organization and its inherent right to self-preservation and per- 
petuation, and that these cannot be secured without some 
measure compelling the cohesion of the membership for the 
common purpose and interests of all ; that the company must, 



XXX REPORT OF THE 

in justice to those who honorably and in good faith continue 
to fulfil their obligations by prompt payment of their premiums 
when due, require of the lapsing member that he make good to 
the continuing members the loss which results to them from his 
defection, and to do this he must leave to them out of his 
reserve an amount sufficient to pay the cost of bringing into the 
company and replacing himself by another member "equally 
valuable to keep." No one was more insistent upon this the- 
ory than Mr. Wright. And, if he had been able and disJDOsed 
to go right on and carry his theory into practical effect, there is 
now no question that it must have met universal acceptation, 
and would have saved to their proper owners millions of dol- 
lars that have been legally squandered to undeservers, besides 
an immense cost to all the business from consequent uncer- 
tainty and demoralization. 

If this had been taken practical advantage of as the correct 
measure of surrender charge, it would have divested the subject 
of all its useless mysteries and brought simplicity at once, 
and the question, seemingly, to a sensible business man would 
not be difficult, nor to any other unless he viewed it from too 
etherial a stand-point ; for there is nothing more readily ascer- 
tainable than the average cost of bringing a new policy of what- 
ever kind into a company. Every manager can estimate within 
very narrow limits the cost of gaining each of the various kinds 
of policies to his company, and, as these costs should not differ 
much in the several companies, a very just average could be 
readily arrived at, and the whole subject happily relieved. 

But, unluckily, after so clearly and forcibly stating the equi- 
ties between the persistent and the defaulting members, and 
coming so near to an ideal measure, all reasoning suddenly 
ended, and violent assumption ensued. 

* 6 Insurance Value" not the Proper Basis of Surrender Charge. 

Mr. Wright had, at some time previously, derived from the 
mortality table an extract that he called " insurance value." 
It was the present worth of the future costs for death claims of 
others that the policy holder would on the average be expected 
to pay. It therefore could possibly have no relation to or use 
in any portion of the business except its mortality experience, 



INSURANCE COMMISSIONER. XXXI 

and in a company with well-selected membership would be of 
only remote consequence. He, however, considered it the very 
essence of life insurance, and that it must therefore be used 
as the gauge for all its important functions, — the loading of 
premiums, the allowance for commissions and expenses, in ap- 
portioning dividends and perhaps other now forgotten purposes ; 
but, fortunately, none of these succeeded in fastening themselves 
upon the shoulders of the companies. Quite naturally from his 
stand-point he hailed it as the one and only possible measure 
for the surrender charge upon lapsing policies, although when 
reduced to figures it utterly put to rout all his reasoning as 
to the true relations of the members of the company, and to 
certain classes offered an absolute and tangible inducement to 
lapse their contracts, by releasing them from the obligations 
(that he had just now so vociferously denounced upon them) by 
the payment of only the merest fraction of the amount. 

This inconsistency in respect to endowment insurance and 
the manner in which the law was foisted upon the Massachu- 
setts companies is set forth in comments upon the subject in 
the last report. The illustration of iEsop's philosopher, who 
was so intent in gazing upon the stars that he walked into a 
ditch, which Mr. Wright so aptly quotes in another connec- 
tion, seems here fairly applicable to himself, and is graphically 
shown in the following exhibit taken from actual figures of the 
usual average commissions paid by the companies, compared 
with surrender charges under the Massachusetts law, — keep- 
ing in mind always his insistence that the surrender charge 
should be a sum sufficient to pay the cost of getting into the 
company, to replace the lapse, " another member equally valu- 
able to keep." 

Endowments Issued at Age 30. 

10 years, annual premium, $105, commission 30 per cent. = $31.50 ; 8 per 

cent, insurance valuer $1.98 and downward. 
15 years, annual premium, $67, commission 40 per cent. = $26.80 ; 8 per 

cent, insurance value = $3.65 and downward. 
20 years, annual premium, $19, commission 50 per cent. = $24.50 ; 8 per 

cent, insurance value = $5.30 and downward. 
25 years, annual premium, $38, commission 60 per cent. = $ 22.80 ; 8 per 

cent, insurance value = $8.91 and downward. 



XXX11 



REPORT OF THE 



A further illustration, taking policies issued at age 35 for 
various terms of years, showing surrender charges at end of 
fifth year under the Massachusetts law, compared with other 
methods : — 









Surrender 

Charges, New 

York Law. 


Surrender 


Five Per Cent. 


■ ■ 


To 


Mature at — 


Reserve Four 
Per Cent. 


Charges, 

Massachusetts 

Law. 


Future 

Net Premiums 

Receivable. 


Average First 
Commission. 


D, oi? 


age 100, . 


$61 34 


$20 45 


$17 82 


$15 99 


$16 38 


t; 


" 75, . 


68 57 


22 86 


14 27 


16 51 


17 34 


tc 


" 70, . 


78 01 


26 00 


12 09 


17 13 


18 54 


c< 


" 65, . 


94 81 


31 60 


9 65 


18 10 


20 70 


it 


" 60, . 


123 21 


41 07 


7 22 


19 40 


24 36 


u 


" 55, . 


171 29 


57 10 


4 89 


20 81 


25 50 


i< 


" 50, . 


257 94 


85 98 


2 76 


21 62 


27 84 


(t 


" 45, . 


439 79 


146 60 


92 


19 29 


32 64 



Insurance value applied as a basis for surrender charges in 
the present law was the invention of Elizur Wright, and to him 
alone are its elaboration and application due. If the scheme 
or its application has ever had the approval of any other actu- 
ary, or if in all these long years it has ever been adopted for 
any purpose in the regulation of anything relating to life insur- 
ance except as found in this law, such fact has not come to the 
knowledge of this department. On the contrary, for the uses 
to which he proposed to apply it its condemnation is universal 
and unanimous. 

The Massachusetts companies, to whom alone it applies, have 
found it a constant burden and hindrance. They are law- 
abiding and conservative, but the experience of sixteen years 
has proved to them over and over again that if they are ever to 
be able to advance and promote the best interests and advan- 
tages of their members, some relief from this incubus must be 
allowed to them. It is certainly due to a most valuable and 
creditable class of our State corporations that, if not to be 
encouraged and favored in their useful pursuits, at least they 
should not be discriminated against, and the interests of their 
continuing members injured by the inducements to the lapse 
and surrender of their policies held out by the present law. 

Legislation in this State upon this important subject has pro- 
ceeded in a one-sided way, because of the almost entire absence 



INSURANCE COMMISSIONER. XXX111 

of illustration and argument upon the other side of the ques- 
tion ; and it is quite fair to assume that the law would never 
have been enacted in present form, could the information now 
brought out have been earlier available. And the commis- 
sioner deems it only due to the legislature, the policy holders 
and the public to place such facts as he has gained upon per- 
manent record for future guidance. The question is of very 
grave importance to the citizens of this State, and year by year 
thrusts itself forward, and will continue to do so until some 
measure of merited relief is reached. 

Insurance value looks to the normal future costs of insur- 
ance, — the mortality only; but this, under recent or present 
or prospective ruling conditions, is not the essential nor even 
an important point, for, as is well known, every company is 
now and has for many years been distributing surplus vitality 
gains, and is likely and almost certain to do so in future. 

Another View of Surrender Charges. 

In order to the equitable and orderly conduct of any busi- 
ness, the terms of the contract between the parties must be 
decently complied with. Especially is this true of mutual 
enterprises. But, that there may be honest and intelligent 
compliance, it is of the first importance that the contract be 
understood by both parties. Now, it is entirely fair to assume 
that there are not ten persons (leaving out the professional 
actuaries) of all the 125,000 members of the Massachusetts 
companies who have the slightest conception of the basis and 
processes of the surrender charge to which the law subjects 
them upon the lapse of their policies. The rule now in use 
has been taken and accepted in blind confidence and sublime 
faith, which, if excusable under the circumstances of its enact- 
ment, are no longer so under the revelations of experience in 
its absurdity and injustice. 

The fundamental principle of mutuality implies the contribu- 
tion, by each one of the associated members, of his fair propor- 
tion to provide for the costs of the business. These costs, as 
before said, are of two classes, — one pertains to those incurred 
on account of the membership personally, the other to the com- 
mon charges necessary to sustain and perpetuate the institution. 



XXXIV REPORT OF THE 

In case, then, of the discontinuance of payments due, and con- 
sequent lapse of the policy, the first or personal costs would 
terminate with the policy. As to the second or general costs, 
if a certain percentage of the net premium is the proper provi- 
sion made for the necessary fixed expenses and contingencies 
of the business and for the maintenance of the establishment, 
it would certainly follow that a similar percentage of the future 
net premiums receivable upon his policy would fairly be the 
measure of the loss to the continuing members by the discon- 
tinuance of his stipulated and anticipated contributions. As, 
for example: the current cost of insurance on his policy, the 
contribution, to reserve, the commissions for collecting premi- 
ums, the probable dividends and taxes, may be called personal 
and terminate with the policy, but the fixed charges remain. 
Suppose, in the normal progress of the business, the total fixed 
charges are found to be equal to an average loading of 5 per 
cent, on the total net current premiums of the company ; then 
5 per cent, of the present value of the future net premiums re- 
ceivable under his policy would be his surrender charge. After 
the surrender charge has been deducted from his reserve the bal- 
ance should be applied as a net single premium to purchase 
paid-up insurance of the kind named in his policy. 

This view of the surrender charge is in harmony with the 
general tendency of the papers that follow this text, and with 
the many comments and expressions of those best experienced 
and skilled in the business. From the nature of the subject 
there can be no hard-and-fast rule that can do exact, ideal 
justice in every supposable case ; but no fairer or more logical 
or obvious basis has yet been suggested than the above, and 
the principle seems to command quite common assent. But, 
beyond this opinion, the commissioner does not assume to 
prescribe details or to say what the just percentage should be. 
If the general scheme should prove the proper one to be 
adopted, the determination of the details should not be difficult 
to those in active management of the business. 

Without doubt the times are becoming propitious for a 
general, earnest and united effort on the part of all the com- 
panies to settle this most important question fairly and firmly. 



INSURANCE COMMISSIONER. XXXV 

Forbidden to Massachusetts Companies, — permitted to Others* 

The endowment assurance policy, in connection with which 
the burden of the law falls most heavily on our Massachusetts 
companies, is to many persons a very attractive and desirable 
form of insurance. One is enabled by it, through regular 
yearly savings during a term of years, to provide himself with 
a substantial sum for use in old age, at the same time protect- 
ing his family if life should fail within the term of the insurance. 
There is a feeling among many that under a whole life policy 
the proceeds and benefit are placed beyond their control and 
become part of the estate, with the difference that it cannot be 
used or applied except for the one purpose named in the policy, 
while the endowment still remains largely within reach and 
disposal, very much as in case of other property. 

However this may be, the fact remains that the endowment 
policy is a fair and- legitimate plan of insurance business, and 
is called for and popular in the general community ; and, if 
any one has given to the Legislature a good reason why out- 
side companies should be allowed to come in and issue these 
policies to our people without let or restraint, at good profit, 
while the Massachusetts companies are shut off and incapaci- 
tated from the same privilege by a discriminating law which 
puts them to a direct disadvantage and loss in the same pursuit, 
such reason has never come to the general attention. 

By the records of this department it appears that the great 
bulk of lapsing and surrenders for cash of endowment policies 
under the law takes place at the end of the second year. And 
it is safe to say that, as the general rule, none of these policies 
has contributed to the company an amount anything like equal 
to what it has been obliged to pay on account of it. The initial 
cost, commissions, dividends, taxes, surrender values and in- 
surance much more than equal the entire first two premiums 
paid, leaving the deficit to be paid out of the surplus belonging 
to the continuing members. If the claim is here made that this 
fault comes from too great initial expenses, it is readily con- 
ceded, but whose fault? The Massachusetts companies do not 
make the prices, they find them already made by the great 
competition and movement of the business, and they must pay 



XXXVI REPORT OF THE 

the market prices or go without new policies, and gradually 
dry up and disappear. Such a claim is a mere begging of the 
question ; the conditions exist, and are beyond the control of 
the Massachusetts companies. The real, vital problem before 
them is why they should be denied the privilege of issuing such 
policies, as all their rivals are welcomed to this State to do. 

With rare exceptions, the loading on the premiums is never 
sufficient to defray the initial and other charges and surrender 
values incurred and due from any policy until at least three 
full premiums have been paid, and almost always the surrender 
of a policy for a cash value before that time entails a positive 
money loss upon the remaining members under present law. 

The principle of non-forfeiture of lapsing policies is not ob- 
jected to by fair-minded men, if the interests of the faithful 
continuing members are regarded, and the burdens of the busi- 
ness fairly and equitably distributed. But, where the principle 
is applied in such a way as to offer special .inducements to early 
lapsing of the policy and a special bonus to the retiring member 
far in advance of what he can have contributed, besides releas- 
ing him from all his promised and just share of future costs and 
expenses, incurred for the common benefit, as does the Massa- 
chusetts law touching endowment policies, it forfeits the re- 
spect of candor and justice. 

The Massachusetts companies, after a heroic struggle for 
fifteen years under the handicap of this law upon their endow- 
ment business, one year ago decided that the only alternative 
to its entire discontinuance was the availing themselves of the 
slight relief offered by the Tarbox amendment of 1887, which 
they had heretofore neglected, under an earnest desire to con- 
duct their business without it, if possible. But the repeal by 
the last Legislature of even this slight relief measure throws 
them back upon the first alternative. And report of business 
issued in the six months that have since elapsed shows the be- 
ginning of the extinction of endowment business in the Massa- 
chusetts companies, soon to become total and final, if the 
present adverse and discriminating conditions remain. 



INSURANCE COMMISSIONER. XXXV11 

Investment of Reserves. — Loss from Premature (J ash Sur- 
renders. 

The net portion of the premium paid by the member is calcu- 
lated to take care only of the pure insurance part of the contract, 
and has nothing to do with the loading or expense portion. 
The net premium, under the level-premium plan, pays the 
member's share of the current death losses, and provides the re- 
serve necessary to protect his own insurance and aid in carry- 
ing his policy to its maturity. This reserve is required at once 
to be invested, and the character of the investment is naturally 
influenced by the length of the term of the policy, as the invest- 
ment should be such that it can least expensively remain un- 
disturbed throughout the term. The money is paid in for 
insurance, — the commodity the company deals in ; it is not a 
savings bank deposit, to be withdrawn at pleasure. Unlike 
savings banks, which are not required to realize any fixed rate 
of interest, the life company must imperatively add yearly to its 
reserve not less than 4 per cent, net interest under the law ; and, 
if the investments are to be disturbed or if the conditions are 
such as to require short investments or a supply of idle funds 
to meet surrenders for cash at the pleasure of lapsing mem- 
bers, its interest earnings must inevitably suffer, and any de- 
ficiency of 4 per cent, must be made up out of the surplus 
belonging to the persistent members. The money has been paid 
in for insurance and is invested for the purposes of insurance, 
and the reserve remaining to the credit of the lapsing member 
after the surrender charge has been deducted should be applied 
to his benefit as paid-up insurance of the kind he originally 
purchased. The contract of insurance does not contemplate the 
retreat of either party ; and he cannot, in fairness to the continu- 
ing members, at his option withdraw his equity in cash unless 
he makes proper satisfaction for the expenses, inconvenience and 
loss from this discounting of his claim. The paid-up insurance 
under the lapsed policy being fixed, if thereafter he desires to 
withdraw wholly and receive a cash settlement, a discount 
charge of, say ( — ) per cent, of the reserve on this paid-up 
policy should be made. The unfairness and impropriety of the 
claim for a lapsing member that he be allowed, then, the option 
of either paid-up insurance or its equivalent in cash surrender 



XXXV111 REPORT OF THE 

value were recognized in the theory of the author of the law, 
but lost sight of in practical application. As to this, he says, 
" For an obvious reason, the company cannot pay money or in- 
surance at the option of the party at the time of discontinuance, 
though it might have stipulated either one or the other at his 
option declared at the start." 

He elsewhere often insists that the surrender value should be 
furnished in the commodity that the company sells, — paid-up 
insurance. If, then, not either should be allowed to be de- 
manded at option, and the paid-up is the natural and proper 
one, it follows that if cash is to be demanded it should be 
allowed only after fair additional compensation has been 
charged for the resulting inconvenience and disadvantage to 
the remaining members. That is to say, the surrender value 
should first be applied in paid-up insurance, and then if the 
cash is demanded the reserve on this paid-up insurance should 
be discounted by the proper factor for ready cash. This seems 
entirely just, and is the only logical sequence to the view above 
quoted. 

Opinions of Experts on the " Insurance Value" Plan. 

In the last session of the legislature an act was passed re- 
pealing the 5 per cent, relief clause upon endowment cash sur- 
renders that had been allowed and approved by Commissioner 
Tarbox. In promoting this repealing act it was very commonly 
asserted that no actuary of authority or standing disagreed 
with Wright's insurance value scheme. In order to test the 
accuracy of this claim, the commissioner has collected the views 
of a large number of the leading and prominent actuaries not 
connected with Massachusetts companies, which will be found 
in the following pages. No request for expression by the actu- 
aries of the Massachusetts companies was made, as they are 
already upon record on this subject. It will be noted that not 
in a solitary instance can an approval of Wright's scheme be 
found, but, on the contrary, it is universally condemned as 
unscientific in its application and unreasonable and unjust in its 
requirements. 

As this law only applies to our Massachusetts companies, and 
its whole effect is to cripple them in competition for business 
with others not so restricted, it might be thought that the nat- 



INSURANCE COMMISSIONER. XXXIX 

ural impulse in rivalry would be for the actuaries of the outside 
companies to remain silent, and allow the restraining process 
to continue ; but to their credit it is due to say that their gen- 
erous interest in the welfare of the whole business has led them 
to frank and unprejudiced statement of their views. 

The preparation of the paper by Mr. Sheppard Homans — one 
of the ablest and most widely recognized authorities in the 
whole business, and oldest in point of service in this country, 
and who, being wholly independent and disconnected from all 
the companies, was in position to treat the subject without bias 
and with greatest intelligence and fairness — was for these 
reasons solicited by the commissioner. 

The remarkable candor and breadth of treatment of this sub- 
ject in Mr. Homans' review, and its disclosure of such new and 
unsuspected features and possibilities, made manifest at once 
the great value to legislators and all others who might be called 
upon to handle the subject of having a full consideration and 
expression of views upon it also from the Society of Actuaries, 
the only body, in fact, who, from scientific attainments in their 
profession and great practical experience, are capable of correct 
and reliable judgment upon such problems. But by the rules 
of the society it appears that no such formal official expression 
of their body is permissible, so it was necessary to obtain their 
individual, independent views. And to this end, as well as the 
purpose heretofore alluded to, the following circular letter was 
addressed to each member : — 

Commonwealth op Massachusetts, 
Insurance Department, Boston, Nov. 13, 1896. 

Dear Sir : — The paid-up and cash-surrender value law of this 
State is based upon insurance values computed under a formula of 
the late Elizur Wright. The use of this basis was purely experi- 
mental and theoretical ; it was the invention of Mr. Wright, and had 
never before, so far as known, been applied to any of the practical 
operations of life insurance, and, if ever considered at all, it has been 
as a mere abstraction. The only way, therefore, for the compauies 
and the public to judge of the propriety or value of the scheme is by its 
results and effects ; and, as it is made to apply to and govern the 
affairs of only the Massachusetts companies, the test is brought 
within narrow limits. It has now been in operation nearly sixteen 
years, and its practical workings have proved unsatisfactory in the 



Xl REPORT OF THE 

particulars and from the causes set forth in the last life report of 
this department. 

With the desire of bringing out information and impressions upon 
this important subject from reliable and authoritative sources, Mr. 
Sheppard Homans of New York, one of the most eminent and accom- 
plished actuaries of the age, and an authority well known throughout 
the insurance world, was solicited to prepare a paper to be presented 
to the National Convention of Insurance Commissioners upon the 
equities and effects of this rule as exhibited in the Massachusetts 
law. Such paper was presented to the convention, and in substance 
was also read before the Actuarial Society of America at its October 
session at Pittsfield. 

The commissioner desires also to invite expression of opinion from 
all the individual members of the society upon the propriety of this 
insurance value basis of surrender charge, as well as upou the effects 
of its' application under "Wright's formula and rule, — the point being 
that the insurance value rule supposes and assumes that the pure life 
insurance part of the contract alone is that from which the other 
members of the company would be profited by the continuance of the 
policy, leaving the reserve and 'the loading, the former as a negative 
factor and the latter as an entirely neutral one, in which the other 
policies had no interest or concern. 

It is believed that such expression of opinions from experts whose 
special training and profession makes them eminently if not exclu- 
sively competent to analyze and weigh the technicalities of the subject 
would be of great assistance and value to the legislature and all who 
are called upon to act on the general subject of surrender charges and 
surrender values in life insurance, and he will feel greatly obliged if 
you will kindly state your views upon this insurance value basis, in 
such manner and at such length, or brevity, as may seem to you best 
fitting the case, and would be glad to receive such expression as early 

as convenience permits. 

Respectfully yours, 

George S. Merrill, 

Commissioner. 

The replies of the actuaries will be found following the text 
of this report. They appear in the order of the dates at which 
they were received at the department, and are here recorded for 
future reference and guidance. 

Without discussing the technical and scientific accuracy of 
Mr. Homans' essay, — which may properly and safely be left to 
his brother actuaries, — it can fairly be said that there may be 



INSURANCE COMMISSIONER. xli 

more than a single process of reasoning out insurance values, 
and neither result have the exclusive privilege of holding itself 
as the only and true thing that can justly claim the title. At 
the same time, it must be admitted that the solution of Professor 
Wright, which, with its resultant figures, was presented by him 
for action by the legislature, and which was enacted into the law 
under his representations, — whether logically and scientifically 
accurate, or not, — is undoubtedly the one that the legislature 
intended should be meant as " insurance value," so far as re- 
lated to the rule to be applied to our companies, and probably 
this construction and no other is the one that would be given 
by the law authorities. But, be that as it may, Wright's insur- 
ance value is the thing being treated in this discussion. 

Commissioner Tarbox's View of the Massachusetts Non-for- 
feiture Law. 

The subject of surrender charges and surrender values that 
are fixed by the law of 1880 upon the business of the Massa- 
chusetts life companies was commented upon in the report of 
last year in connection with the repeal of the amendment of 
1887, which had been enacted as a measure of slight relief 
to the intolerable exactions of the law as related especially to 
endowment policies. It was there pointed out that the insisted 
theoretical purpose of the law had in great measure miscarried 
in actual effect upon the practical business, and that, in the 
revision of 1887, Commissioner Tarbox, recognizing the em- 
barrassment, had recommended the relief measure in question, 
not as wholly adequate or apt, but as the best that could prob- 
ably be attained at the time. Commissioner Tarbox believed 
in the non-forfeiture of the reserves of the lapsing policies of 
a company, as contrasted with the tontine principle, or plan 
of throwing reserves, surpluses and other interests that had 
accrued to the retiring members into a pool or lump, to be 
divided among the continuing members at the end of a distri- 
bution period. At the same time he strongly and firmly 
contended that in mutual insurance every member should con- 
tribute with fairness his share of the burdens of the company, 
and, whatever could be justly shown as the damage or disad- 
vantage to the rest by the retirement of a member, that he 
should be required to make good by equitable forfeit. Refer- 



xlii REPORT OF THE 

ring to the great fundamental basis that Eiizur Wright so 
earnestly and constantly insisted upon, viz., that the retiring 
member should be required to replace in the company the full 
advantage that his retirement deprived it of, in paying for a 
substitute " equally valuable to keep," Mr. Tarbox frequently 
remarked upon the inconsistency and inadequacy of the law for 
this effect. As, for instance, he could not see how it was con- 
sistent and just to fine the lapsing life policy $16 in order to 
replace his loss, when a ten-year endowment policy was only 
fined $2 or less to make its loss good, especially as the cost of 
getting the latter policy in was always and notoriously more 
expensive than in case of the former. This glaring discrep- 
ancy between the pretence of the law and its actual effect 
always disturbed him. And, while making his revision in 
1886, although not able, among the many important and urgent 
matters there to be considered, from lack of time, to take up 
this subject, there is no tradition in the department more vivid 
than that he promised himself if spared for another year he 
would present to the legislature a measure that would replace 
the present inconsistent and unreasonable rule with a more just 
and businesslike method. 

Commissioner Tarbox is here quoted for two reasons : first, 
because he was a strong and zealous advocate of non-forfeiture, 
and spent much time and study over the subject in its equities 
and practical application ; and, second, because he has been so 
often misquoted and misrepresented as being an advocate and 
champion of the insurance- value basis of surrender charges. 



Small Corporations Closed. 

The following is a statement of the condition of several small 
corporations against which proceedings were had in accordance 
with the statute, to close their affairs, the membership having 
become reduced to less than 100 : — 

Finally Settled. 
St. Joseph Society, Boston. — Insurance Commissioner ap- 
pointed receiver Dec. 17, 1895. Assets, $778.77; expenses, 
$85.80 ; paid a dividend of 178 per cent. July 11, 1896. Final 
decree, Nov. 13, 1896. 



INSURANCE COMMISSIONER. xliil 

Club Lafayette, Cambridge. — Insurance Commissioner 
appointed receiver Dec. 10, 1895. Assets, $442.94; expenses, 
$56.75 ; paid a dividend of 38 J per cent. July 11, 1896. Final 
decree, Nov. 13, 1896. 

St. John the Baptiste, Westborough. — Insurance Com- 
missioner appointed receiver Dec. 17, 1895. Assets, $195.02 ; 
expenses, $59.15; paid a dividend of 25 per cent. July 11, 
1896. Final decree, Nov. 13, 1896. 

Eight Arm 'Masonic Mutual Kelief Association, Har- 
wich, — George H. Snow, receiver, Harwich, Mass., appointed 
by supreme court, February, 1896. Membership, 207 ; funds, 
$2,447.70; dividend of 180.62 per cent, paid Dec. 14, 1896. 
Final report of receiver, March 25, 1897. 

Societe de Secours Mutuals St. Joseph, Boston. — In- 
surance Commissioner appointed receiver December, 1895. 
Dividend of 78 per cent, paid in June, 1896. Corporation 
closed by decree of court, November, 1896. 

Odd Fellows Protective Union, Boston. — Insurance 
Commissioner appointed receiver March, 1896. Death claims 
of $237.25 paid. Corporation dissolved by decree, July 8, 
1896. 

Pending Settlement. 

Polish Mutual Aid Society, Boston. — Insurance Com- 
missioner appointed receiver May 9, 1896. Assets, $1,133.74 ; 
expenses, $227.20 ; dividend of 107 per cent, to be paid during 
the coming month. 

Globe Life and Disability Association, Boston. — In- 
surance Commissioner appointed receiver May 9, 1896. Assets, 
$919.02; expenses, $143.91; paid a dividend of 52 per cent, 
out of the death fund and 23 J per cent, out of the disability fund 
on Feb. 14, 1897. Final report not yet filed. 

Malden Mutual Benefit Association. — * Insurance Com- 
missioner appointed receiver May 15, 1896. Assets, $588.43. 
Second report to the court will probably be filed during the 
present month, asking for authority to distribute the assets. 
Funds.tied up under old legal proceeding. 



xliv REPORT OF THE 

Atlantic and Pacific Mutual Accident Company, Bos- 
ton. — Insurance Commissioner appointed receiver May 13, 
1896. Assets, $146.30. Eeport to be made to the court 
during present month. 

Suffolk Mutual Accident Association, Boston. — Insur- 
ance Commissioner appointed receiver Feb. 17, 1897. No 
funds turned over. Demand upon officers to account for the 
same. Now .under advisement. 

The Lingering Endowments. 
The following is a brief statement in regard to the still un- 
closed assessment endowment corporations : — 

Friendly Aid Society. — Henry A. Wyman, receiver, 809 
Exchange building, Boston ; appointed September, 1891. 
Legal proceedings yet unsettled. 

Order of the Golden Grail. — Joseph I. Bennett, re- 
ceiver, 61 Court Street, Boston; appointed September, 1891. 
Corporation practically closed and assets distributed ; some 
contingent assets still awaiting legal adjustment. 

Industrial Order of America. — John P. Leahy, receiver, 
22 Pemberton Square, Boston ; appointed August, 1892. Dis- 
tribution of remaining assets will probably be made in a few 
weeks. 

Golden Lion. — George S. Hale, receiver, 10 Tremont 
Street, Boston; appointed December, 1891. Legal proceed- 
ings still pending ; probable final settlement during the year. 
Keceiver has about $53,000 remaining in his hands. 

United Keserve Fund Associates. — John F. Haskell, 
receiver, Lowell; appointed May, 1893. Final dividend of 
35_2_ per cent, has been paid, and affairs are practically closed. 

Mutual One Year Benefit Order. — Sherman L. Whip- 
ple, receiver, 5 Tremont Street, Boston ; appointed February, 
1892. Final settlement will probably be made in June. A 
dividend of two or three per cent., in addition to that of 1894, 
will be paid. 



INSURANCE COMMISSIONER, xlv 

Annual Friend. — John C. Burke, receiver, Lowell, Mass ; 
appointed May, 1893. Practically closed; assets not more 
than sufficient to pay expenses. 

Order of the Red Cross. — Samuel K. Hamilton, re- 
ceiver, 31 Milk Street, Boston; appointed January, 1893. 
Settlement delayed, pending adjustment of legal questions. 
No dividend probable. 

Respectfully submitted, 

GEORGE S. MERRILL, 

Insurance Commissioner. 



CRITICISMS AM) COMMENTS 



UPON THE 



Massachusetts Non-foefeituee Law. 



Surrender Values and Surrender Charges. 



[Mr. Sheppard Homans, Consulting Actuary.'] 

The last annual report of the Insurance Commissioner of Massachusetts 
contains a masterly discussion of the principles which should govern the 
determination of surrender charges and surrender values. The commis- 
sioner points out the imperfections and shortcomings of the " insurance 
value " basis, as devised by the late Hon. Elizur Wright, and on his recom- 
mendation incorporated in the Massachusetts statutes, and winds up with 
an eloquent plea for a more satisfactory solution of this important ques- 
tion. 

When a life insurance company issues its obligation to pay a certain sum 
on the death of a policy holder, or on his attaining a specified age, it is 
bound to carry out its contract, no matter what unexpected or unfavorable 
conditions may subsequently arise. A policy holder, on the contrary, may 
at any time release himself from his part of the contract by simply default- 
ing in the payment when due of any stipulated premium. In such case it 
is not only the privilege but the imperative duty of the. managers to protect 
the company, or rather the faithful remaining policy holders, from any pos- 
sible loss or damage resulting from such arbitrary default by retiring 
members. 

The commissioner quotes from the writings of Professor Wright some 
cogent reasons why the company should protect itself in such cases, and 
also gives his views as to the proper basis for determining the measure of 
compensation for such loss or damage. Professor Wright well says : — 

The policy holder who takes a policy binding the company to insure him, sick or well, 
for a long number of years, must be well aware that its ability to do so will depend upon 
its continuing to have a very large number of members, and that every healthy member 
who leaves it diminishes its strength and stability more or less, according to what he 
might be expected to pay towards death claims if he did not leave. Hence it is very ab- 
surd to say that a company can afford to release a healthy member from his contract 
whenever he pleases to retire, and allow him to withdraw his self-insurance fund with- 
out making any compensation to the company for its loss in the non-fulfilment of his 
contract. 

Self-protection is well said to be the first law of nature ; and a mutual insurance com- 
pany from Avhich any member might when he pleased take away his whole self -insur- 
ance deposit without paying any surrender charge, would be as much an impossibility 
as a solid without cohesion. 

If there is any force in these considerations, the fairest measure of the loss to the com- 
pany by the non-fulfilment of a policy contract is what it will cost to procure another of 
equal insurance value on a life equally good. 

But when we come to the question of surrender charge, we are to consider not what 
the individual policy cost, but what it is worth to keep, or what it would cost to get 
another equally valuable to keep. 



1 REPORT OF THE 

Professor Wright decided that eight per cent, of the insurance value — 
and this he denned to be " the present value of all the normal future yearly 
costs of insurance which by its terms the policy is exposed to pay in case 
of its continuance " — is the sufficient and equitable measure of the loss or 
damage to the company in the event of its premature discontinuance. His 
influence and deservedly high reputation were so potent that he induced 
the legislature of Massachusetts to pass an act in 1880, subsequently 
amended in 1887, 1888, 1889 and 1896, embodying his views, and by which 
the companies of that Commonwealth have been compelled to purchase for 
cash, or for paid-up insurance, any and all of their policies offered for sur- 
render. 

Chapter 214, Acts of 1887, as amended by statutes of 1888 and 1889, re- 
garding " Rights of policy holders in domestic (Massachusetts) mutual life 
insurance companies, " provides, in section 76 : — 

No policy of life or endowment assurance hereafter issued by any such company shall 
become forfeit or void for non-payment of premium after two full annual premiums, in 
cash or note, or both, have been paid thereon ; but in case of default in the payment of 
any subsequent premium, then, without any further stipulation or act, such policy shall 
be binding upon the company for the amount of paid-up insurance which the then net 
value of the policy and all dividend additions thereon, computed by the rule of section 
eleven (combined experience four per cent.), less any indebtedness to the company on 
account of said policy, and less the surrender charge provided herein, will purchase as a 
net single premium for life or endowment insurance maturing or terminating at the 
time and the manner provided in the original policy contract ; and such default shall 
not change or affect the conditions or terms of the policy, except as regards the pay- 
ment of premiums and the amount payable thereon. Said surrender charge shall be 
eight per cent, of the insurance value of the policy at the date of default, which insurance 
value is the present value of all the normal future yearly costs of insurance which by its 
terms said policy is exposed to pay in case of its continuance, computed upon the rate of 
mortality and interest assumed in section eleven. Every such policy, after the payment 
of two full annual premiums thereon, shall have a surrender value which shall be its 
net value, less the surrender charge and less any indebtedness to the company on 
account of said policy, and its holder may, upon any subsequent anniversary of its issue, 
surrender the same and claim and recover from the company such surrender value in cash : 
provided, that from the surrender value of all endowment policies the company may 
deduct five per cent. 

The last clause, permitting companies to deduct five per cent, from the 
net reserve upon endowment policies in addition to the surrender charge, 
was repealed by the legislature in 1896, so that the surrender charge on all 
policies in Massachusetts companies is now limited to eight per cent, of the 
insurance value in each case. 

The commissioner points out the utter inadequacy of this surrender charge, 
and complains bitterly of the injustice to Massachusetts companies in com- 
parison with competing companies from other States. He says, in regard 
to the act : — 

The attempt to make it applicable to companies of other States upon their business 
with citizens of this Commonwealth was resisted and defeated, on the ground that it 
would be requiring them to make a better, or different, contract with their Massachu- 
setts policy holders than with the rest of their membership, and so, in case of mutual 
companies, destroy their mutuality and violate their charters. 



INSURANCE COMMISSIONER. li 

At last, however, after fifteen years' experience in the workings of the law, in the 
presence of the many charges that must he incurred if business is to be gained at all, 
and under the changed conditions that have developed during that time, the companies 
are confronted with the alternative of wholly discontinuing the struggle for endowment 
business (as two of them have practically done), and leaving that field entirely to their 
competitors, or availing themselves of the five per cent, concession granted by the legis- 
lative act of 1887. 

This concession has since been repealed. The commissioner well says, 
in continuance : — 

There certainly is an equity somewhere in this surrender charge matter, but so far no 
one seems to have reached it, to the general acceptation. (1) Every one agrees that, in 
going out of the company in advance of the normal termination of his contract, a pre- 
mium-paying member deprives those remaining of the advantage of his promised con- 
tribution to future expenses and contingencies, as expressed by the loading on the 
premiums. (2) And it is probable that the lives remaining may after a time deteriorate 
and fall below the average, since it must be assumed that impaired lives will not, as a 
rule, retire from the company, and thus a loss be incurred for which the persistent 
members should be compensated. (3) Then it is also conceded that a measurable dis- 
advantage results from the disturbance of investments, or from the necessity of keeping 
a supply of idle money or highly convertible low-interest-bearing assets to meet the 
calls for cash surrender values. 

These effects are all real and tangible, and any scheme intended to hold the company 
harmless and to be equitable must take into account all of them, and not be based upon 
a single one, as is insufficiently, clumsily and mysteriously done by the law of this State 
now in force. 

As a remedy for the first, could not some proportion of the present value of these 
future loadings (or, what would amount to the same thing, and better preserve a uni- 
formity to all companies, — a small percentage of the present value of the future net 
premiums receivable according to the State standard) be fixed upon as a just measure 
of the loss in this respect by his withdrawal ? Upon the same basis and in a similar 
way the loss from the second cause might also be compensated. As to the third, a per- 
centage upon the reserve is fairly and justly chargeable. 

It must be possible to find, in the wide and intelligent experience of all the companies 
of this country, some remedy in these or other sources that shall be just to the remain- 
ing members, and appeal to the sense of fair play in the business community. Already 
in several of the companies of other States tentative and desultory attempts in this direc- 
tion have been and are being made, and it seems certain that the evolution now in 
progress will before long bring about conditions that will be recognized as fair and just 
and of universal acceptation. The mills grind slowly, to be sure, but it must be so in a 
business of such stupendous magnitude as that of life insurance to-day. Its whole rise 
and progress cover scarcely more than a generation of time, and yet it enters into the 
homes and hopes and fortunes of almost every family in the civilized world. 

Here we have the whole question of surrender charges and surrender 
values in a nut-shell, admirably stated. 

Let us first examine the " insurance value " basis of Professor AVright, 
which, as Commissioner Merrill well says, is a measure of the loss or dam- 
age to the company from one source only, caused by the premature with- 
drawal of a healthy member. 

In order that no misconception or misunderstanding may arise respecting 
the theory and practical application of Professor Wright's method, I insert 
the following example from " Wright's savings bank life insurance tables," 
page 32, showing the various insurance values, surrender charges and con- 



lii 



EEPORT OF THE 



sequent surrender values in the case of an endowment assurance policy for 
$1,000, issued at age 40 years, and payable at the end of ten years, or at 
death if prior. The same principle applies to all other level-premium 
policies. 

Table No. 1. — Death or 50. 





Age at Entry, 40. 


* Net Annual Premium, $85.76. 




Age. 


1. 

Normal 

Costs of 

Insurance. 


2. 

Company's 

Insurance 

Bisks. 


3. 

Insur- 
ance 
Values. 


4. 

Surrender 
Charges. 


5. 

Deposits. 


6. 

Eeserve. 


7. 

Surrender 
Values. 


Age 

of 

Policy. 


40 
41 
42 
43 
44 
45 
46 
47 
48 
49 
50 


$9 17 
8 54 
7 85 
7 11 
6 31 
5 40 
4 37 
3 14 
1 70 
00 


$920 34 
836 84 
749 31 
657 46 
561 13 
459 99 
353 74 
241 97 
124 23 
00 


$46 46 

39 18 

32 21 

25 63 

19 47 

13 84 

8 89 

4 76 

1 70 

00 


$3 13 

2 58 

2 05 

1 56 

1 11 

71 

38 

14 

00 


$76 59 
77 22 

77 91 

78 65 

79 45 

80 36 

81 39 

82 62 

84 06 

85 76 


$79 66 
163 16 
250 69 
342 54 
438 87 
540 01 
646 26 
758 03 
875 77 
1,000 00 


$76 53 
160 58 
248 64 
340 98 
437 76 
539 30 
645 88 
757 89 
875 77 
1,000 00 



1 
2 
3 
4 
5 
6 
7 
8 
9 

! 10 



I am constrained to say that in my opinion the " insurance values," 
Column 3, are not the correct " present values of all the normal future 
yearly costs of insurance which by its terms said policy is exposed to pay in 
case of its continuance." Consequently the " surrender charges," Column 
4, and " surrender values," Column 7, which under the usual interpretation 
of the Massachusetts statutes the companies of that Commonwealth have 
been compelled to pay for all policies offered for surrender, are greatly at 
variance with those required by a correct interpretation of said statute. 
These errors have resulted in serious losses to Massachusetts companies, or 
rather to their persistent members, and are a menace to their future suc- 
cessful administration. Small wonder is it that the commissioner remarks 
bitterly on pages xiii and xiv : — 

While upon whole life policies, where the insurance value and consequently the sur- 
render charge are greatest, the inequality is not so marked, in case of endowments the 
illiberality is stretched to the extent of allowing to the company the most meagre and 
inadequate compensation for the loss of its paying members, and in every way and 
degree to cramp and confine this business almost to prohibition. 

Fortunately the Massachusetts legislators " build ed wiser than they 
knew," and the surrender charges, under a more correct interpretation of 
the statute as it is worded, would afford to the companies of that Common- 
wealth a far more liberal yet a still inadequate and unequal compensation 
for the loss of retiring members than those heretofore compelled under a 
misapprehension of the terms of that law. 

In a paper read before the Actuarial Society of America, April 30, 1891, 
and published in its proceedings, I stated : — 

Professor Wright's formulas give the present values of the normal future yearly costs 
for insurances, decreasing each year in amount as the self-insurance or investment in- 
creases. 



INSURANCE COMMISSIONER. liii 

If the endowment assurance policy was a contract to pay in case of death the gradu- 
ally decreasing net amount at risk only as insurance, and also, but independently, the 
accumulated fund (reserve) as investment, then the insurance values of Professor Wright 
would be more nearly correct. But such is not the contract. The loss by bad invest- 
ment or otherwise of the whole or a portion of the net endowment reserve would not 
release the company from its obligation to pay the full face of the policy in case of death 
within the term. The company is liable to pay the full sum insured in such case, and 
it exacts the full premium each year, including the last, to secure that amount of insur- 
ance. The policy is none the less a contract for term insurance because of the endow- 
ment or investment annex, and the surrender charge should be none the less to guard 
against insurance contingencies because of that fact. The possible loss and expense 
occasioned by calling in securities unexpectedly are none the less because of the insurance 
annex, and the withdrawal penalty should be none the less to guard against investment 
contingencies on that account. To make the surrender charge on an endowment assur- 
ance policy, which involves both insurance and investment contingencies, less than that 
for the term insurance alone, which involves, substantially, insurance contingencies 
only, is an effort to make the less include the greater, and cannot be justified. 

Let me say right here, as I did in 1891, that I yield to no man in my re- 
spect and admiration for Elizur Wright. Life insurance will always remain 
his debtor. I respected and admired him for his great talents and untiring 
devotion to the cause of life insurance, and above all for his unconquerable 
love for truth. He had a mortal antipathy for shams, deceits and injustice 
of every kind. He was a knightly warrior at all times, and against all 
comers for the right as he understood the right. If I may believe his 
written and spoken words, my regard and affection for him were fully re- 
turned by him for me. Far be it from me to take aught from his high 
reputation, or in any way to dim the fame of his brilliant achievements. 

But truth is what we are seeking, and if Elizur Wright were now living 
he would be among the first to champion it, even if in so doing he destroyed 
the value of his method of protecting retiring policy holders, upon which 
he had expended so much of time, thought and labor, and for the beneficent 
working of which he had such high hopes. 

In the example given in the foregoing Table No. 1 Professor Wright 
correctly states the net annual premium for the endowment assurance to 
be $85.76. But this premium is composed of two separate and distinct 
elements, viz : (1) a net annual pure endowment premium of $74.17, 
which, upon the basis of the actuaries' table of mortality and four per cent, 
interest, the standard adopted, is precisely sufficient, no more and no less, 
to secure the payment of $1,000 at the end of the ten years, provided the 
insured be then alive ; and (2) a net annual pure term insurance premium 
of $11.59, which, upon the same standard, is precisely sufficient, no more 
and no less, to secure the payment of $1,000 in case the insured should die 
in any one of the ten years, including the last. In other words, every 
endowment assurance consists essentially of two separate and distinct ele- 
ments : (1) a contract to pay the full face value of the policy in case of sur- 
vival ; and (2) a contract to pay the full face value of the policy in case of 
prior death. The company exacts full and sufficient consideration for each, 
and each is independent of the other. The term endowment and the term 
assurance might be made separately under two independent contracts, in 
two institutions or the two might be combined under one contract, at the 
same net aggregate cost, in one life insurance company, as is usually the 



liv REPORT OF THE 

case. The results to the insured — assuming the successful administration 
of both parts, the pure endowment or investment and the pure term insur- 
ance — would theoretically be precisely the same, whether the two con- 
tracts were made separately or in combination. The points I wish to make 
are: (1) that the net annual term insurance premium, $11.59, is intended 
to provide, and does provide, for the payment of the full face value of the 
policy in case of death in either one of the ten years, including the last ; 
and (2) that the net annual pure endowment premiums, with all accumula- 
tions thereon, are required for the integrity of the pure endowment contract. 
It follows, then, (1) that the " company's insurance risk," Column 2, is 
$1,000 in each and every year, and not the yearly decreasing amounts, as 
incorrectly assumed by Professor Wright ; and (2) that no portion of the 
reserve, Column 6, can properly be used to pay any portion of the insur- 
ance. This reserve, or so-called self-insurance fund, is, strictly speaking, a 
self-endowment fund, and is never properly applicable to pay death claims. 
The assumption that in case of death the company pays over the self-en- 
dowment fund (net reserve) as part of the claim, and is liable for the 
residue only as insurance, is a fallacy. That fallacy underlies the whole 
theory of Professor Wright's insurance values. 

To prove the first assertion, 1 call attention to the fact that the net level- 
term insurance premium necessary to secure the payment of the yearly 
decreasing " company's insurance risks," Column 2, is not $11.59, which is 
the net annual term premium provided for in the endowment-in-assurance 
contract, but $5.77 only, or rather $5.67, if these decreasing assurances 
were correctly computed. The difference is included in the net premium 
as paid ; but, as it is not needed for the insurance of the gradually decreas- 
ing amounts, it must be added to the net annual pure endowment premium, 
making that $80.09 instead of $74. 1 7, as contemplated in the contract. Now, 
this $80.09 paid yearly in advance for ten years is precisely sufficient to 
secure $1,000 as an absolute investment, without any endowment contin- 
gency whatever Thus the whole character of the contract is changed. 
Instead of an endowment assurance, it becomes an investment assurance. 
It is to the latter form of contract alone, which is rarely, if ever, offered by 
any life insurance company, and in which the insurance liability is strictly 
limited to the gradually decreasing amounts, that Professor Wright's in- 
surance value theory properly applies. 

If these views are correct, Table No. 1 should be reconstructed, in order 
to show the strict application of Professor Wright's theory. This I have 
done in the following Table No. 2, where Column 1 shows the amount at 
the end of each year at four per cent, compound interest of $80.09 paid 
annually in advance as a pure investment; Column 3 shows the corre- 
sponding " company's insurance risk " each year, accurately computed ; 
Column 4 shows the normal costs of insurance in each separate year which 
are provided for by a net level or average annual premium of $5.67 ; Col- 
umn 5 shows the correct insurance values upon the " investment " plan ; 
Column 6 gives for comparison Wright's corresponding insurance values ; 
Columns 7 and 8 show respectively the surrender charges or eight per 
cent, of the insurance values by the two methods. 



INSURANCE COMMISSIONER. 



lv 



Table No. 2. 



Com- 
pleted 
Year. 



1, 
2, 
3, 

4, 
5, 
6, 
7, 
8, 
9, 
10, 



1. 

Amount at 
4 Per Cent. 

Interest 
of $80. 09 per 

Annum. 



$83 29 


169 95 


260 05 


353 68 


451 15 


552 46 


657 86 


767 50 


881 47 


. 1,000 00 



2. 


3. 




Nominal 


Company's 


Cost of 


Insurance 


Insurance. 


Bisks. 


Average 




= $5.67. 


$916 71 


$9 13 


830 05 


8 47 


739 95 


7 75 


646 32 


6 99 


548 85 


6 17 


447 54 


5 26 


342 14 


4 22 


232 50 


3 02 


113 53 


1 63 







Insurance Values. 



4. 

Invest- 
ment Plan. 



5. 

Wright's 
Plan. 



545 69 

38 42 

31 47 

24 95 

18 89 

13 38 

8 56 

4 56 

1 63 



$39 18 

32 21 

25 63 

19 47 

13 84 

8 89 

4 76 

1 70 

Nil. 



Surrender Charges 


8 Per C 


ENT. of 


Insurance Values. 


6. 


7. 


Investment 


"Wright's 


Plan. 


Plan. 


$3 66 


$3 13 


3 07 


2 58 


2 52 


2 05 


2 00 


1 56 


1 51 


1 11 


1 07 


71 


68 


38 


37 


14 


13 


Nil. 







Age. 



40 
41 
42 
43 
44 
45 
46 
47 
48 
49 



The insurance values and surrender charges in the foregoing table would 
be absolutely identical upon both plans, if the differences in the endowment 
premiums and the investment deposits were taken into account and the com- 
pany's corresponding insurance risks were correctly computed, thus proving 
incontestably that 'Wright's insurance values and surrender charges for en- 
dowment assurances, and consequently their application in the Massachusetts 
statute, are incorrect. Under the investment plan the " company's insur- 
ance risks " are strictly limited by contract to the decreasing amounts stated, 
and are entirely independent of the investment ; or, in other words, the 
payment of the one is not dependent on the ability to pay, or to secure, the 
other. Wright's insurance values and surrender charges are not properly 
applicable to any forms of policies issued by Massachusetts companies. 
They are applicable only to pure investment assurances, which are rarely, 
if ever, offered by any company. 

Just here we are confronted with a fact which completely demonstrates 
the inadequacy of Wright's surrender charges as compensation for even the 
insurance loss or damage to a company occasioned by the premature dis- 
continuance of an investment-assurance policy. Referring to Table No. 2, 
we will see that, while $5.67, the net level-term premium, is just sufficient 
as an average annual payment to insure the yearly decreasing risks, pro- 
vided the contract is kept in force for the full ten years, it is very much less 
than the normal costs of insurance during the earlier years. For instance, 
the normal cost to insure $916.71, the amount at risk during the first year, 
is $9.13; but the conditions of the investment assurance contract call for 
the payment of the average premium of $5.67 only, hence there is a defi- 
ciency from this cause of $3.46 in that year alone. Column 3 shows this 
deficiency (or surplus) each year, and Column 4 shows their accumulated 
amounts, which the company is exposed to lose in case the policy is prema- 
turely discontinued. At the end of the ten years, but not before, these defi- 
ciencies disappear These deficiencies are augmented not only by interest, 
but by the cost to insure these deficiencies, which the company is exposed to 
lose in case the policy should be prematurely discontinued by death or 
otherwise. 



lvi 



EEPORT OF THE 



Table No. 3. 





1. 


2. 


3. 


4. 

Accumu- 


5. 


Net Loss 
to Company in 




Completed 


Normal 


Average or 


Yearly 


Wright's 


Excess of 


Age. 


Year. 


Cost of 


Level 


Deficiencies 


ciencies 4 
Per Cent. 


Surrender 


Wright's 




Insurance. 


Premium. 


or Surplus. 


Charges. 


Surrender 
Charge. 




1, . . 


$9 13 


$5 67 


$3 46 def . 


$3 63 


$3 13 


$0 50 


40 


2, . . 


8 47 


5 67 


2 80 def. 


6 76 


2 58 


4 18 


41 


3, . . 


7 75 


5 67 


2 08 def. 


9 29 


2 05 


7 24 


42 


4, 


6 99 


5 67 


1 32 def. 


11 15 


1 56 


9 59 


43 


5, . . 


6 17 


5 67 


50 def. 


12 26 


111 


11 15 


44 


6, 


5 26 


5 67 


41 sur. 


12 46 


71 


11 75 


45 


7, 


4 22 


5 67 


1 45 sur. 


11 60 


38 


11 22 


46 


8, . . 


3 02 


5 67 


2 65 sur. 


9 43 


14 


9 29 


47 


9, . . 


1 63 


5 67 


4 04 sur. 


5 67 


Nil. 


5 67 


48 


10, . . 


— 


5 67 


5 67 sur. 


— 


- 


- 


49 



To prove my second assertion, that the reserve or self-endowment fund 
on an endowment-assurance policy can never properly be applied as part 
payment of the insurance in case of death, it is only necessary to analyze 
that form of contract. 

Mathematically an endowment-assurance contract consists of two sepa- 
rate and independent bets which the insured makes with the company. In 
the example given in Table No. 1 the insured bets $1,000 (1) that he will 
die within the ten years. The stakes for this bet are $11.59 annually in 
advance These stakes, at age 40 and for $1,000, are the precise equiva- 
lent, upon the standard adopted, for the net single payment of $93.29, or 
for the yearly increasing natural premiums to secure the payment of $1,000 
in case the insured should die in either of the ten years, including the last. 
And (2) he bets $1,000 that he will be alive at the end of the ten years. 
The stakes for this bet are $74.17 annually in advance for ten years, which 
are the precise equivalent, upon the standard adopted, for the single pre- 
mium $597 10, to secure the payment to the insured of $1,000 at the end of 
ten years, provided he be then alive. These stakes for the two bets are ac- 
curately and scientifically adjusted to the separate risks, each being com- 
plete in itself and independent of the other. While in abstract theory the 
net liability is the difference between the face value of the policy and the 
reserve or self-endowment, it by no means follows that this is in all respects 
true practically 

This point will be more clearly evident by a homely illustration. A 
makes a bet of $1,000 with B that a certain horse will win in a race. Sub- 
sequently he makes another and independent bet for $900 with C that the 
same horse will not win. The horse does not win. Consequently A loses 
his bet $1,000 with B, but wins his bet of $900 with C. Theoretically his 
net loss is $100, but practically if C is unable to pay, that loss to A might, 
be the full $900. B would not necessarily or probably be satisfied with 
$100 in cash and an order on C for $900. C might not respond. The net 
liability can never be the difference between the two risks, unless the stakes 
were deposited in money with an institution having the strength of the 
bank of England, its disposition subject alone to the issue of the wager, and 



INSURANCE COMMISSIONER. Mi 

being in the mean time absolutely beyond the control of all parties inter- 
ested. Similarly the actual insurance liability of the company under an 
endowment-assurance contract can never be limited to the differences be- 
tween the face value of the policy and the self-endowment, unless the se- 
curity for the one is absolutely independent of the security for the other. 
The contrary assumption underlies Wright's insurance value method, and 
herein lies its fallacy. 

In the case of an endowment assurance, the actual insurance liability of 
the company varies with any change in the health or surroundings of the 
insured which affect his chances of living or dying. Should he be in a 
moribund condition, his equity or interest in the insurance would nearly 
equal the face value of his policy, while his equity or interest in the en- 
dowment fund would be practically nil. It is true, so far as the face value 
of the policy is concerned, what the insured loses on one element is offset 
by what he gains on the other. He is bound to lose on one and win on the 
other, if he keeps up his policy. But his equities in surplus or losses may 
be very differently affected, as may those of other policy holders, by a dis- 
regard of the separate risks. The insurance risks and the endowment 
risks, and the surplus, or loss, properly pertaining to each, should always 
receive separate and proper consideration and treatment, if equity is to be 
preserved. This is especially true in a mutual life insurance company 
which issues short-term policies, pure-endowment (or deferred-annuity) 
policies and endowment assurances. Losses in the investment branch 
should not be allowed to endanger the insurances. The company might be 
placed in the hands of a receiver in such event, but the receiver might, and 
should, preserve the insurances, wiiich in the case of impaired lives cannot 
be replaced, and yet the equities of the investments might be preserved. 

A case in point is that of the Charter Oak Life Insurance Company. As 
an insurance company it had always been successful. Its rates of expenses 
and mortality were low, and high rates of interest had been received on its 
investments. Unfortunately, some $5,000,000 out of its total assets of $13,- 
000,000 had been so invested that they were temporarily unavailable (al- 
though it is remarkable that these same securities are now worth double 
their original cost). The managers made the fatal mistake, in their en- 
deavor to cure defects in the investment branch, by scaling down the 
insurance contracts. Fearful injustice was thus done to policy holders of 
impaired health by the unnecessary destruction of their insurances, which 
could not be replaced. This company was wrecked by incompetent man- 
agement, and by its failure to discriminate properly between insurance and 
investment. 

The insurance value of any policy, or the correct " present value of all 
the normal future yearly costs of insurance which by its terms said policy 
is exposed to pay in case of its continuance, " as prescribed by the Massa- 
chusetts statute, is always the present value of the net yearly insurance 
premiums for the unexpired term of the policy. This is quite independent 
of the method of premium adjustment. Differences in methods of premium 
payment affect the investment or endowment portions of the contract, — 
not the insurance portions. At date of issue the insurance value is always 
the net single-term insurance premium. Subsequently it is always the net 



lviii 



REPORT OF THE 



single-term insurance premium less the net insurance reserve for the unex- 
pired term. This reserve is already in hand, a partial payment in advance 
on account of future yearly normal costs of insurance, and out of it the 
company can take pay as these normal costs are incurred. In single-pre- 
mium and limited-premium contracts the current normal yearly costs of 
insurance are paid out of the paid-up term insurance reserve. 

If these views are correct, Table No. 1 should be reconstructed. The 
correct " normal costs of insurance," correct " company's insurance risks," 
correct " insurance values " (or rather the present value of the net term in- 
surance premiums, such being the only true normal yearly costs which the 
policy is exposed to pay in case of its continuance) and correct " surrender 
charges," as required by a strict interpretation of the Massachusetts statute, 
would then be as follows (Wright's surrender charges are given for com- 
parison) : — 



Table No. 4. — Death or 50. 

Age at entry, 40. Net annual pure endowment premium, . 
Net annual pure insurance premium, . 



$74 17 
11 59 



Net annual pure endowment-assurance premium, $85 76 





1. 


2. 


3. 


4. 


5. 


Surrender 
Charges. 






Normal 
Costs of 


Company's 


Net Term 


Less Net 


Equals 








Age. 






Completed 




Insurance 


Insurance 


Single 


Term 


Insurance 
Values. 


6. 


7. 


Year. 




Average, 
$11.59. 


Risks. 


Premium. 


Reserve. 


Correct. 


Wright. 




40 


89 96 


$1,000 


$93 29 




=$93 29 









41 


10 20 


1,000 


87 57 


-$171 


= 85 86 


$6 87 


S3 13 


1 


42 


10 48 


1,000 


81 33 


— 3 25 


= 78 08 


6 25 


2 58 


2 


43 


10 82 


1,000 


74 50 


— 4 59 


= 69 90 


5 59 


2 05 


3 


44 


11 25 


1,000 


66 98 


— 5 64 


= 61 34 


4 91 


1 56 


4 


45 


11 74 


1,000 


68 65 


— 6 30 


= 52 35 


4 19 


1 11 


5 


46 


12 35 


1,000 


49 38 


— 6 47 


= 42 92 


3 43 


71 


6 


47 


13 00 


1,000 


39 02 


— 6 02 


= 33 00 


2 64 


38 


7 


48 


13 71 


1,000 


27 44 


— 4 86 


= 22 57 


1 81 


14 


8 


49 


14 48 


1,000- 


14 48 


— 2 89 


= 11 59 


93 


Nil. 


9 



The amounts shown in Column 6 of the above table are those which the 
Massachusetts companies are entitled to deduct from the reserves on sur- 
render of a policy such as that in the example, under a correct interpreta- 
tion of the statute, and not the smaller sums shown in Column 7, which they 
have heretofore felt compelled to deduct as a maximum limit, under a mis- 
taken view of the statutory requirements. 

Similarly the correct surrender charges, in strict accordance with the 
Massachusetts statute, being " eight per cent, of the present value of all the 
normal figure yearly costs of insurance which by its terms said policy is ex- 
posed to pay in case of its continuance " on several other forms of policies, 
are given in the following Table No. 5. Wright's surrender charges are 
also given for comparison. Age 40 at issue and $1,000 in each case. Act- 
uaries' four per cent, table. 



INSUKANCE COMMISSIONER. 



lix 



Table No. 5. — Surrender Charges, Based on Insurance Values. 





20- Year Endowment 


30-Ye 


ar Endowment 


35- Year Endowment 






Assurance, and 


20- Year 


Assurance, and 


30- Year 


Assurance, and 


35- Year 






Term Insura 


ice. 


Term Insurance. 


Term Insurance. 




o 

3 




WRIGHT. 




WRIGHT. 




WRIGHT. 




p-l 




20- Year 




30- Year 




35- Year 




o 


Correct. 


20- Year 


Endow- 


Correct. 


30- Year 


Endow- 


Correct. 


35-Year 


Endow- 




P3 




Term 


ment 




Term 


ment 




Term 


ment 




<i 




Only. 


Assur- 




Only. 


Assur- 




Only. 


Assur- 


<D 


H 






ance. 






ance. 






ance. 


< 


1 


$14 43 


$14 42 


$7 85 


$21 98 


$21 20 


$13 72 


$25 56 


$21 94 


$15 29 


41 


2 


13 94 


14 27 


7 36 


21 54 


21 49 


13 56 


24 82 


22 22 


15 24 


42 


3 


13 42 


14 19 


6 84 


21 09 


21 75 


13 40 


24 37 


22 49 


15 19 


43 


4 


12 89 


14 01 


6 53 


20 62 


21 93 


13 23 


23 91 


23 63 


15 13 


44 


* 


* 


* 


* 


* 


* 


* 


* 


* 


* 


* 


9 


9 85 


12 55 


4 28 


18 04 


22 91 


12 09 


21 40 


24 48 


14 48 


49 


14 


6 06 


9 24 


1 70 


15 06 


23 50 


10 21 


18 59 


25 70 


13 58 


54 


19 


1 18 


2 17 


Nil. 


11 56 


22 96 


7 39 


15 46 


26 50 


11 29 


59 


24 


_ 


- 


_ 


7 29 


19 71 


4 65 


11 91 


26 16 


8 07 


64 


29 


_■ 


- 


- 


1 49 


4 62 


Nil. 


7 65 


22 77 


3 69 


69 


34 


— 


— 


- 


— 


— 


- 


1 63 


6 80 


Nil. 


74 



o 
p-l 


' Whole Life 

Insurance by Continuous 

Premiums. 


Whole Life 
Insurance by Ten An- 
nual Premiums. 


Whole Life 

Insurance by Single 

Premiums. 




ft 

o 


1. 

Correct. 


2. 

Wright. 


3. 

Correct. 


4. 

Wright. 


5. 

Correct. 


6. 

Wright. 


bo 

< 


1 

2 
3 
4 

* 

9 
19 
29 
39 
49 
59 


$30 05 
29 59 
29 12 
28 64 

* 

26 06 
20 33 

14 42 
9 28 
5 06 
1 89 


$19 92 
19 27 
19 42 

19 57 

* 

20 22 
20 67 
19 08 
15 18 

9 63 
Nil. 


Same as for ordinary 
whole life insurance by 
continuous premiums. 
(Column 1.) 


$13 34 
13 20 
13 07 
12 95 

* 

12 59 


Same as for ordinary 
whole life insurance by 
continuous premiums. 
(Column 1.) 


$11 84 

11 93 

12 02 
12 11 

12 53 

12 80 

11 81 

9 40 

5 96 

Nil. 


41 
42 
43 
44 
* 

45 


02 Q.S A 

a a a 
v^ cS 30 


4b 
47 
48 
49 
59 



It should be noted that the compensation of the company in all the fore- 
going illustrations in the shape of surrender charges for loss or damage 
occasioned by the premature discontinuance of the policy is limited to com- 
pensation for the loss of the insurance portions of future premiums which 
the " policy is exposed to pay in case of its continuance. " No compensation 
for loss or damage from any other cause was contemplated by Professor 
Wright or is now included in the Massachusetts statute. 

In the foregoing remarks I have endeavored to prove that under a more 
correct interpretation of the Massachusetts non-forfeiture statute, " insurance 
values,' 1 " surrender charges " and consequent " surrender values " would 
differ from those given by Professor Wright, and accepted hitherto as 
legally binding by the Massachusetts companies. I have endeavored to 



lx REPORT OF THE 

point out what these several values would be under a more careful and 
correct interpretation of that statute. 

I do not wish, however, to be understood as wholly endorsing the provi- 
sions of that law, or as approving any compulsory cash surrender values 
by legislative enactment. For paid-up or extended insurances given in 
exchange for the surrender of running policies, some percentage (but not 
necessarily eight per cent.) of insurance values, correctly computed, would, 
in my opinion, be an equitable measure of the insurance loss or damage 
occasioned by premature discontinuances. The credit for suggesting the 
insurance value basis for an equitable measure of such loss or damage is 
justly due to Elizur Wright. Unfortunately he made a fatal error in the 
practical application of his own theory. 

But, in addition to loss or damage from failure to receive the stipulated 
contributions towards future death claims in case policies are prematurely 
discontinued, the company should unquestionably be protected, when deter- 
mining cash surrender values, against what Commissioner Merrill well 
designates as a possible loss or damage resulting " from the disturbance of 
investments or from the necessity of keeping a supply of idle money or 
highly convertible low-interest-bearing securities to meet the calls for cash 
surrender values." The additional investment surrender charge of five per 
cent, in the case of endowments authorized by the Massachusetts statute has 
lately been repealed. The total surrender charge in New York is thirty- 
three and one-third per cent, of the net reserve (on all policies), by the 
American experience four and one-half per cent, table, and in Missouri 
twenty-five per cent, of the reserve on the same basis. Thus we see that 
surrender charges vary in the different States. Any fixed percentage of 
the net endowment, or investment reserve, is open to serious objections on 
the score of equity. The larger the reserve, or investment, the larger the 
tax by that method. As a surrender charge this is surely unequal and un- 
just. A better pure endowment, or investment surrender charge, would be 
to compute the withdrawal value upon a higher rate of interest than that 
adopted as a basis for the maturing value of the contract. This is the prin- 
ciple adopted in building loan associations or co-operative savings banks, 
when the periodical deposits stipulated to be paid on shares for designated 
terms are prematurely discontinued. The net reserve on an annual pre- 
mium pure endowment upon the four per cent, basis and that upon the six 
per cent, basis, American experience table of mortality, also the difference 
between the two in amounts and in percentages, are given in the following 
Table No. 6. These differences constitute a not unreasonable surrender 
charge to be deducted from the net pure endowment reserve should the 
policy be prematurely terminated. These decreasing percentages are more 
equitable as endowment or investment surrender charges than ,any fixed 
percentage of the endowment reserve. 



INSURANCE COMMISSIONER. 



lxi 



Table No. 6. — Annual Premium Pure Endowment, $1,000. — Age at 
Issue, 40. — Payable only on attaining the Age of 50. — American Ex- 
perience Table of Mortality. 



End of Year. 




Net Reserves End 
of Year. 


Differences, being Pure 

Endowment Surrender 

Charges. 


Wright's 

Surrender 

Charge. 


Age. 




4 Per Cent 


6 Per Cent. 


Amount. 


Percentages. 




1, • 

2, . 

3, . 

4, . 

5, . 

6, • 

7, • 

8, . 

9, . 
10, . 








$78 52 
161 02 
247 75 
338 98 
434 99 
536 13 
642 76 
755 28 
874 88 
1,000 00 


$71 40 
147 86 
229 79 
317 62 
411 83 
512 98 
621 64 
738 51 
864 33 
1,000 00 


$7 12 
13 16 
17 96 
21 36 
23 16 
23 15 
21 12 
16 77 
9 85 


9.07 
8.17 
7.25 
6.30 
5.32 
4.50 
3.29 
2.22 
1.13 


— $7 03 

— 6 53 

— 5 93 

— 5 33 

— 4 67 

— 3 95 

— 3 11 

— 2 19 

— 1 16 


40 
41 
42 
43 
44 
45 
46 
47 
48 
49 



In the paper referred to, read before the Actuarial Society of America, 
April 30, 1891, 1 stated : — 

Insurance values, by Professor "Wright, are always the differences between the present 
values of the normal future yearly costs of the pure or term insurance, and the present 
values of the normal future yearly costs ( ?) of the pure endowment, which is a pure 
term investment. 

To illustrate these points more clearly, I have computed the following table (No. 7) , 
based upon the actuaries' or combined experience table of mortality and four per cent, 
interest, showing the insurance values on each $1,000 payable as indicated. In these 
tables, Column 1 shows Wright's insurance values of the term insurance ; Column 2 
shows the insurance values of the pure endoAvment (which are always negative) ; Column 
3 shows the insurance values of the endowment-assurance, or dual contract, which is 
always the difference between Columns 1 and 2 ; Column 4 shows the present value of 
the future net term premiums ; Column 5 shows the net term reserve ; Column 6 shows 
the net single premium for the unexpired term insurance, which is always the sum of 
Columns 4 and 5. 



Table No. 7. 
10 Years. Age, 40 at Issue. 





Wright's Insurance Values. 


4. 

Present Value 

Future 

Net Term 

Premiums. 


5. 

Net Term 

Re- 
serves. 


6. 

Net Term 

Single 
Premiums. 




1 


1. 

Pure 
Term. 


2. 

Pare 
Endowment. 


3. 

Endowment 
Assurance. 


Age. 


1 

2 
3 

4 
5 
6 

7 
8 
9 


$87 88 
81 63 
74 12 
66 64 
58 37 
49 34 
38 90 
27 39 
14 48 


—$48 71 

— 49 47 

— 48 50 

— 47 18 

— 44 54 

— 40 70 

— 34 17 

— 25 69 

— 14 48 


= $39 17 
= 32 21 
= 25 62 
= 19 46 
= 13 83 
= 8 87 
= 4 73 
= 1 70 
= 00 


$85 82 
78 04 
69 87 
61 31 
52 33 
42 89 
32 98 
22 56 
11 58 


+ $1 75 
+ 3 29 
4- 4 60 
+ 5 67 
+ 6 32 
+ 6 49 
+ 6 04 
+ 4 87 
+ 2 90 


= $87 57 
= 81 33 
= 74 47 
= 66 98 
= 58 65 
= 49 38 
= 39 02 
== 27 43 
= 14 48 


41 
42 
43 
44 
45 
46 
47 
48 
49 



Ixii 



REPORT OF THE 



Table No. 7 — Concluded, 
20 Years. Age, 40 at Issue. 





Wright's Insurance Values. 


4. 

Present Value 

* Future 

Net Term 

Premiums. 


5. 

Net Term 
He- 
serves. 


6. 

Net Term 

Single 
Premiums. 




t 


1. 

Pure 
Term. 


2. 

Pure 
Endowment. 


3. 

Endowment 
Assurance. 


Age. 


1 

2 
3 
4 
5 
6 
7 
8 
9 
14 
19 


$180 30 
178 40 
177 40 
175 10 
172 30 
170 10 
166 10 
161 80 
156 90 
115 50 
27 16 


—$82 11 

— 85 16 

— 89 36 

— 92 26 

— 94 95 

— 98 39 

— 100 29 

— 102 07 

— 103 42 

— 94 19 

— 27 16 


= $98 19 
= 93 24 
= 88 04 
= 82 84 
= 77 35 
= 71 71 
= 65 81 
= 59 73 
= 53 48 
= 21 31 
= 00 


$180 14 
174 27 
167 76 
161 08 
154 06 
146 79 
139 21 
131 30 
123 06 
75 84 
14 66 


+ $4 93 
+ 9 85 
+ 14 76 
+ 19 59 
+ 24 19 
+ 28 55 
+ 32 52 
+ 36 04 
+ 39 02 
+ 42 43 
+ 12 50 


=$185 34 
= 184 12 
= 182 52 
= 180 67 
= 178 25 
= 175 35 
= 171 73 
= 167 34 
= 162 08 
= 118 27 
= 27 16 


41 
42 
43 
44 
45 
46 
47 
48 
49 
54 
59 



30 Years. Age, 40 at Issue. 



1 


$265 01 


—$93 45 


=$171 56 


$274 81 


+ $9 07 


=$283 88 


41 


2 


268 49 


— 98 95 


= 169 54 


269 32 


+ 18 36 


= 287 68 


42 


3 


271 92 


— 104 47 


= 167 45 


263 64 


+ 27 75 


= 291 39 


43 


4 


. 274 12 


— 108 77 


= 165 35 


257 74 


+ 37 45 


= 295 19 


44 


9 


286 34 


—135 25 


= 151 09 


225 45 


+ 85 32 


= 310 77 


49 


14 


293 77 


—166 16 


= 127 61 


188 19 


+ 127 15 


= 315 34 


54 


19 


286 97 


—194 58 


= 92 39 


144 54 


+ 152 31 


= 296 85 


59 


24 


246 39 


—200 82 


= 45 57 


91 04 


+ 139 46 


= 230 60 


64 


29 


57 78 


— 57 78 


= 00 


18 59 


+ 39 19 


= 57 78 


69 



35 Years. Age, 40 at Issue. 



1 


$274 30 


—$83 18 


=$191 12 


$315 71 


+$11 21 


=$326 92 


41 


2 


277 70 


— 87 15 


= 190 55 


310 29 


+ 22 58 


= 332 87 


42 


3 


281 10 


— 91 26 


= 189 84 


304 66 


+ 34 30 


= 338 96 


43 


4 


295 40 


— 106 25 


= 189 15 


298 87 


+ 46 36 


= 345 23 


44 


9 


306 00 


— 123 77 


= 182 23 


267 47 


+ 108 26 


= 375 73 


49 


14 


321 30 


— 154 07 


= 167 27 


232 35 


+ 169 11 


= 401 46 


54 


19 


331 20 


— 190 05 


= 141 15 


193 19 


+ 221 50 


= 414 69 


59 


24 


327 00 


—226 13 


= 100 87 


148 83 


+ 251 18 


= 400 01 


64 


29 


284 60 


—238 42 


= 46 18 


95 64 


+ 225 65 


= 321 29 


69 


34 


85 07 


— 85 07 


= 00 


20 53 


+ 64 54 


= 85 07 


74 



[It will be noted that Professor Wright makes the insurance value on a 
term insurance one year before its expiration, Column 1, the same as the net 
term single premium for that age, Column 6. For instance, in the last ex- 
ample, that of a thirty -five year term policy for $1,000, the insurance value 
at beginning of the last year is $85.07. This is the normal cost to insure 
$1,000 for one year at age 74, but it includes the net term reserve, $64.54, 
which is in hand, a partial payment in advance on account of the normal 
cost of insurance during that year, but it is not the premium " which the 
policy is exposed to pay." Deducting this net reserve from Wright's insur- 
ance value, we have precisely $20.53, which is the net term premium, the 



INSURANCE COMMISSIONER. lxiii 

only amount that " the policy is exposed to pay," and which consequently is 
the only correct insurance value, as prescribed by a strict interpretation of 
the Massachusetts statute.] 

Now, suppose a man, aged 40, should take out at the same time three policies for 
$1,000 each in a Massachusetts company : (1) a ten-year term policy, payable only in 
case of death within the ten years, net annual premium $11.59; (2) a ten-year pure 
endowment policy, payable only in case of being alive at the end of ten years, net an- 
nual premium $74.17 ; (3) a ten-year endowment assurance policy, payable certainly at 
the end of ten years if living, or at death if prior, net annual premium $85.76. What 
are the respective surrender charges ? Suppose he applies for a surrender value on each 
policy at the end of nine years, and just before the tenth annual premium is payable in 
each case. Referring to the foregoing table, No. 7, the insurance value, according to 
the incorrect interpretation heretofore given to the Massachusetts statute for the term 
policy, is $14.48. (See Column 1.) Eight per cent, of this is $1.16, which, according 
to Wright's tables, is the surrender charge to be deducted from the net reserve, $2.90. 
Hence, $1.74 is the surrender value which the policy holder could claim and recover in 
cash. Leaving out of consideration for the moment the five per cent, which by the 
Massachusetts statute the company may deduct [this provision is now repealed] from 
the endowment reserve, and which I am informed has been voluntarily waived by the 
Massachusetts companies, the insurance value and the surrender charge on the pure en- 
dowment are, by Wright's formulas, the same as they are on the term insurance, to 
wit, $14.48 and $1.16, respectively, but they are negative! Should this surrender 
charge ( ?) be added to or deducted from the net reserve for the pure endowment 
($872.87), in order to determine the surrender value which the endowment policy 
holder is entitled to claim and recover ? Has insurance value anything whatever to do 
with a pure endowment, which is a pure investment, and has no necessary connection 
with insurance ? The term insurance and the term endowment are entirely indepen- 
dent, and might be made under one contract in the same company, or independently in 
two separate institutions, at the same net aggregate cost. Suppose the endowment or 
investment contract was made with a savings bank or trust company or a building loan 
association, with the condition attached that the accumulated fund should not be with- 
drawn until the end of the stipulated term, except on payment of a fine or withdrawal 
charge. Would such penalty for withdrawal be based upon the " insurance values " by 
any savings bank, trust company or building loan association ? Then why should a 
life insurance company commit such an absurdity ? Whether the fund is to be divided 
among the survivors only, thus adding the contingent or endowment element, or 
whether the accumulated fund goes absolutely to the payee or to his representatives, 
the character of the contract is the same ; it is a pure investment, in either case. A sav- 
ings bank or trust company or building loan association would hold, very properly, 
that the compulsory withdrawal of a fund before its maturity would not only debar 
certain desirable forms of security, but might entail loss or expense in calling in loans 
or investments, and therefore it would be only just and reasonable and proper to exact 
a withdrawal penalty or surrender charge. Such penalty or surrender charge would 
naturally and properly be based upon the assumption of a less favorable rate of interest 
for the withdrawal guaranty than that for the maturing guaranty, whether the institu- 
tion be a savings bank, a trust company, a building loan association or a life insurance 
company. The principle is the same in each case. Hence the surrender charge in the 
case of the pure endowment should be such as will cover possible loss or expense in 
calling in securities before the time stipulated in the policy contract ; in other words, it 
should be such as will cover investment contingencies. If we assume for the moment 
that the surrender charge on a term insurance by Wright's method is correct, and also 
that the proper surrender charge or withdrawal penalty for a pure endowment or invest- 
ment is determined by the assumption of a less favorable rate of interest for the sur- 
render value than for the matured endowment, the correct surrender charge on an 
endowment assurance should be the sum of the two, — not the difference. That is to 
say, the surrender charge for the insurance portion should be the same as that for the 



lxiv REPORT OF THE 

pure term insurance, while the surrender charge for the endowment portion should be 
the same as that for the pure endowment or investment. In other words, the surrender 
charge on an endowment-assurance policy should he based on possible excess of mor- 
tality costs during the remainder of the term, and possible loss or expense from calling 
in prematurely loans and investments, to both of which contingencies the company is 
liable. According to Professor Wright, the surrender charge upon an endowment- 
assurance policy one year before maturity is nil. That is to say, no provision is made 
for either possible excessive mortality or possible loss or expense in calling in securities 
unexpectedly, to both of which adverse contingencies in that year the company is ex- 
posed. 

It will be observed that the surrender charges by "Wright's method, and adopted by 
Massachusetts for all life insurance companies of that State, are absurdly low where 
the reserve or self-insurance is large, as in the later years of endowment-assurance 
policies. If losses should occur in the invested funds of a Massachusetts company, so 
that the legal or net theoretical premium reserve should become impaired, or if a panic 
should occur by reason of excessive death claims or any other cause, the effect of that 
statute might be calamitous to certain of its policy holders, while others, in comparison, 
would be unduly benefited. Thus, policy holders in sound health would be quick to 
claim and recover the cash surrender values guaranteed them by the State, because they 
could get all the insurance desired elsewhere ; while those in impaired health would 
either be -deprived altogether of their insurances, Avhich could not be replaced, or they 
would find themselves in an institution where the mortality would necessarily be greatly 
increased by the withdrawal of sound lives, and where the security of their own policies 
would be greatly diminished by the same cause. Again, persons whose policy anni- 
versaries happened to be then near at hand would be unduly favored as compared with 
those whose anniversaries were then more remote. In such events the State, assuming 
paternal functions, might become the cruel oppressor instead of the protector of its 
citizens. 

This whole question of cash surrender values is far-reaching, and should not be sub- 
ject to iron-clad statutes. It is a question which had far better be left, in general, to 
honorable competition, intelligent public opinion and to the judgment of competent in- 
surance managers, except, possibly, that a safe minimum surrender value in paid-up 
or extended insurance might be established by law for all companies, and penalties 
might be imposed for non-payment of same, which penalties should apply to the invest- 
ment, not to the insurance branch. Losses by bad investment should never be suffered 
to destroy or prejudice the insurances. Insurance and investment should be inde- 
pendent, and each branch should stand on its own merits. 

If left to honorable competition and enlightened public opinion, the advantages to 
policy holders of companies which are ably managed would be the more manifest, and 
do danger need be feared that surrender values will be illiberal. A successful company, 
with favorable mortality and ample surplus, can well afford to give more liberal cash 
surrender values than a company which is less fortunate in these respects, and in which 
it is more difficult and expensive to secure substitutes for withdrawing policy holders. 
No iron-clad surrender charges for all companies can ever be satisfactory. The corre- 
sponding cash surrender values will either be too large for the safety of inferior com- 
panies or too small for companies which are more successful or better managed. Such 
cash surrender values as are compelled by the Massachusetts statute might work no 
injury to companies so long as they are in successful operation ; but in case of losses in 
the investment branch, which are not impossible under the most prudent management, 
or other adverse contingencies, not only may the safety of the company as an insurance 
institution be imperilled, but fearful injustice might be done to persons of impaired 
health by the unnecessary destruction of their insurance contracts. 

Since the compulsory payment of cash surrender values may impair the security of 
policy holders who remain, and is undoubtedly fraught Avith danger to the insurance 
contracts of companies in case of losses from bad investment, excessive mortality or 
other causes, it may well be asked if such statutes, as enacted in Massachusetts and 
Maine, and as [was then] proposed in Pennsylvania, are not in violation of Section 10> 



INSURANCE COMMISSIONER. lxV 

Article 1, Constitution of the United States, which provides that " no State shall . . . 
pass any law impairing the obligation of contracts." This is a branch of the subject 
which pertains properly to State officials and legislators, — to law expounders and law 
makers. It is a subject which they cannot afford to ignore. 

I see no reason to change the foregoing views which I expressed in 1891. 

There is another consideration in the determination of equitable surrender 
values which has been generally overlooked. I refer to the fact that, 
under present methods of procuring new business, the expenses and death 
claims of the first year usually absorb all the first year's premiums, leaving 
little, if anything, for the hypothetical or theoretical first year's net reserve, 
which is charged as a liability against companies in all State valuations. 
Excessive first year's expenses, and consequent deficits in the theoretical 
reserve at the end of the first year, occur not only on the average in all 
American and foreign life insurance companies but also in the most con- 
servative and economically managed individual companies at home and 
abroad. No one would charge that the Massachusetts companies are 
extravagantly managed, in comparison, at least, with other institutions 
competing for new business by prevailing methods. 

The system of net valuation is not necessarily or in any proper sense a 
final or conclusive test of solvency. A proper consideration of the gross 
premiums receivable, together with a proper consideration of the rates of 
expense, mortality and interest which have been experienced in the past 
and which will probably be experienced in the future, are absolutely 
essential in any final or conclusive test of solvency. The system of net 
valuation is simply a test that the fundamental assumptions of the contract, 
as determined by the theoretical standard of valuations adopted, have been 
faithfully observed in the past and are adequately provided for in the 
future ; in other words, that the expenses have been kept within their 
margins, the death claims have not exceeded the provisions therefor, and 
that the net theoretical reserve is in hand and securely invested. But in 
actual practice the first year's margins do not cover first year's expenses, 
and in no case, upon first year's business, is the net first year's theoretical 
reserve in hand at the end of the first year. In other words, the net valua- 
tion system is not properly applicable to present methods of business. To 
charge in such case this purely theoretical first year's reserve as a liability 
against the policy, is, to say the least, illogical. To compel the payment 
of any portion of such fictitious amount as a cash surrender value 
is utterly indefensible. In a mutual company, funds belonging to older 
members exclusively, and supposed to be held in trust for them, would, in 
such cases, be improperly applied to pay excessive cash surrender values 
or to meet deficits in reserves on new business. This practice could be 
defended only upon the ground that such new business is absolutely needed 
for the security of the company as a whole, — that is, for the security of the 
older members Even then relative equities are in danger of being disre- 
garded. There can be no equitable distribution of surplus, and no proper 
determination of equitable surrender values, unless these first year's net 
reserve deficits are properly considered and treated. 

In a paper read before the International Congress of Actuaries, held in 
Brussels in September, 1895, Thomas Bond Sprague, LL.D, formerly presi- 



lxvi REPORT OF THE 

dent of the London Institute of Actuaries, an expert of the very highest 
authority, condemned the usual method of charging as a liability the 
theoretical net reserve for the first year ; and suggested that the " fund in 
hand," or what is left after paying expenses and death claims o± that year, 
is all that can, logically or equitably, be charged as a liability on first year's 
business As there was no dissenting voice among the actuaries present, 
representing all civilized countries, it is to be assumed that Dr. Sprague's 
views were approved. Dr. Sprague placed the first year's expenses, on 
the average, in British companies at eighty per cent, of first year's pre- 
mium. The same logic that would justify or permit any first year's ex- 
penses in excess of the expense margins on first year's premiums would 
necessitate a proper consideration of the consequent deficiency in the first 
year's theoretical reserve. 

It might be urged that the proper remedy would be to reduce expenses, 
particularly those of the first year. This is true. Life insurance expenses 
are certainly in some cases excessive, unwise and unnecessary. But, as 
Commissioner Merrill well says, " In the presence of the many charges that 
must be incurred if business is to be gained at all," first year's expenses 
cannot well be kept within the expense loadings. No company, not even 
the purely stock companies, such as the Travelers', does so keep them. 
The ablest insurance managers are giving anxious thought to this subject, 
and all agree that a reform is urgent. That reform will be hastened not 
by more insurance legislation, but rather by less ; not by more State super- 
vision, but rather by less. We have too much of both in this country. It 
had best be brought about by enlightened public opinion and by less 
apathy and indifference on the part of policy holders, who created and 
own the funds, and who have the power to select the managers, their col- 
lecting and disbursing agents, and the custodians of their trust fund held 
for their future widows and orphans. In other words, that reform had 
better be brought about inside the companies rather than outside of them. 
But this question of reducing expenses is outside my present purpose. 

In my opinion, unless first year's expenses shall be reduced, it would 
be well in all State or government valuations to let the theoretical reserve 
liability commence with the second year's premium, or else to adopt the 
above suggestion made by Dr. Sprague, to limit that liability to the " fund 
in hand " at the end of the first year. This first involves the valuation of one 
less future premium in the case of endowments and limited-payment poli- 
cies, and the theoretical net premium value would be that for an age one 
year older than that at entry. If this plan were adopted, companies could 
logically and properly be held to a strict fidelity to the fundamental assump- 
tions of the business, which cannot be done under the present methods. 
There would then be no excuse for renewal expenses in excess of the 
expense margins, or for not having in possession the full net reserve for 
each subsequent year. There would also be less danger that funds ber 
longing wholly to old members would by legislative enactment be forcibly 
applied to pay excessive surrender values, as is now the case with Massa- 
chusetts companies under the non-forfeiture statute of that Commonwealth, 
especially under the incorrect interpretation hitherto given to that law. 

I will say a few words, in conclusion, regarding the necessity of uni- 



" INSURANCE COMMISSIONER. s lxvii 

formity, stability and equality in legislation affecting life insurance by the 
different States. 

In fire and marine insurance the policies are mere contracts of indemnity. 
In life insurance, on the contrary, the policies are contracts to pay on the 
happening of events (death, or the attainment of a specified age) which 
are certain to occur. They are not contracts of indemnity. This distinction 
between fire and marine insurance on the one hand, and life insurance on 
the other, is vital. 

In other words, unlike fire or marine insurance, life insurance consists 
essentially of a trust fund, and the proper administration of such a trust 
demands equality between the beneficiaries. As the policy holders, the sole 
beneficiaries of such a trust fund, reside in different States, the necessity 
of uniform laws for the administration of the trust inheres in its very 
nature. The rights of a beneficiary residing in one State in the administra- 
tion of such a trust should be determined by the same laws which govern 
those of his fellow beneficiaries residing in other States. Any discrimina- 
tion in favor of a beneficiary residing in one State would impair the vested 
rights of beneficiaries residing in other States. The Supreme Court of the 
United States, in the case of Tiernan v. Rinker, 102 U. S. 123, has decided 
that a discriminating law by any State as against other States is in itself a 
regulation of interstate commerce, and is, therefore, an infringement of the 
power delegated solely to Congress. Is not the Massachusetts non-forfeiture 
statute a discriminating law as against its own citizens and corporations, 
and in favor of the citizens and corporations of other States ? Uniform law 
for life insurance is demanded precisely as in the case of the administration 
of the Peabody trust fund, where the statutes of one State are permitted to 
govern its transactions in all other States. Uniform, stable and just law is an 
absolute essential to safety and success in the administration of the business 
of life insurance. 

The administration of the trust funds in life insurance companies is more 
nearly akin to the administration of trust funds in banks, trust companies 
and savings banks, except that the trust in the former case is more delicate 
and sacred, because the settlements may not fall due for many years, or 
until after the deaths of those whose payments create the fund. Such con- 
tracts are based upon scientific computations in regard to the probabilities 
of living and dying, and the improvement of money by compound interest 
extending over a long series of future years. It is necessary to " preserve 
a fixed relation between the premiums and the amount insured, as required 
by the principles of life insurance." (Opinion of Mr. Justice Bradley, 
Conn. Mut. Life v. Schaefer, 94 U. S. 457.) The determination of the con- 
tingent liabilities of a life insurance company, and of the considerations 
to be paid therefor, involve the careful weighing of measurable chances. 
Discriminating, conflicting or perhaps prohibitory legislation are not meas- 
urable chances, and might absolutely prevent the fulfilment of life insurance 
obligations, which in themselves are not only legitimate and meritorious, but 
involve the happiness and well-being of millions of our citizens. 

The business of life insurance in the United States is usually conducted 
on the mutual plan. The members of a mutual life insurance company 
constitute a society, and each member is at once insurer and insured, en- 



lxviii REPORT OF THE 

titled to participate in the management and share in the profits in propor- 
tion to his interest. 

In order to afford sufficient scope for the proper working of the law of 
average, the operations of a life insurance company cannot well be con- 
fined to the limits of a single State. No company is so restricted. Large 
numbers of members, scattered over wide areas, are desirable, if not essen- 
tial, to the success of the business. The policy holders, as citizens of the 
whole United States, are entitled to the benefit of wise, stable and uniform 
laws. Such are absolutely essential to the full protection and preservation 
of their interests and the interests of their future widows and orphans. 

The foregoing views are urged in the interests of American policy holders 
and their beneficiaries. They were written without the suggestion, or even 
the knowledge, of any company or of any company official. Whether sound 
or unsound, these views are my own, and I alone am responsible for them. 

American companies have been managed, generally, with consummate 
ability, and their managers are quite able to take care of the interests 
committed to them. They are the trustees of the funds committed to their 
care, but they are at the same time amenable to the laws of the different 
States in which they are permitted to do business, and must conform to the 
same, however onerous and oppressive these laws may be. Dangers, ex- 
penses and mischiefs, due to oppressive, discriminating or conflicting laws, 
fall not upon the management of these companies, but upon the individual 
policy holders and their beneficiaries. Those latter are units scattered over 
the whole country. Their name is legion, however, and if they understood 
their rights and interests, and should choose to assert them, unwise, unequal, 
oppressive or discriminating laws — and more than one example of each 
could be pointed out — would not long be suffered to encumber the statute 
books of any State. 



[Mr. J. G. Van Cise, Assistant Actuary of the Equitable Life Assurance 

Society.'] 

I have always had great respect for the character of Hon. Elizur Wright, 
but I have never been able to believe in his method of determining the 
surrender values of policies terminated before their maturity under the 
terms of the contracts. I do not consider the surrender charge, based upon 
the insurance value, as an adequate protection to a company for its loss of 
business, nor as a sufficient penalty on a policy holder who does not keep 
his contract in force. In my judgment, persistent policy holders should be 
protected, as well as those who are unable or unwilling to continue their 
policies ; and, in case of discontinuance, a sufficient charge should be made 
against the reserve on the policy given up to provide the expense of pro- 
curing a new policy to take its place, and a deduction should also be made 
towards providing for a sinking fund for the payment of death losses on 
impaired lives, which must remain on a company's books ; as the option of 
withdrawal is against the company, and it is not probable that policies will 
be given up where the life assured has for any reason fallen below the 
average. 



INSURANCE COMMISSIONER. Ixix 

I have examined the paper prepared by Mr. Homans, and also the recom- 
mendations in your last report to the legislature of Massachusetts, and I 
find myself in substantial agreement both with yourself and Mr. Homans 
as regards the injustice of the present Massachusetts law to the life insur- 
ance companies of that State. Opinions of managers and actuaries as to 
surrender values of terminated policies will necessarily differ ; but I be- 
lieve that you will find them almost unanimous in agreeing that the insur- 
ance value basis is not correct in theory, and that, as applied in practice 
under the present law, it works a hardship to the Massachusetts companies, 
and to their policy holders who protect their families by keeping their 
contracts in force. 



[Mr. Asa S. Wing, Actuary of the Provident Life and Trust Company^ 

I hesitate to express all I feel as to the basis of surrender charge now 
adopted by the laws of your State, because I have nothing definite to sug- 
gest that would be equitable and just to all policy holders in place of it. 
The fact is, I do not much believe in any State fixing the exact amount 
which a retiring policy holder shall receive. If it is to be done at all, let it 
be so that the persistent policy holder shall receive the benefit of every 
doubt as to the equities in the case, and then increase the surrender charge 
so arrived at by a liberal percentage, and leave to competition and the 
judgment of the companies to do as much better for the retiring policy 
holder as they may see fit. 

Mr. Homans' suggestion as to another construction of your law gives but 
little relief, even if it is decided to be logical. I think it would be better 
to hold to the construction heretofore given to the law until it becomes un- 
bearable, and then abolish the law forever. 

I never had any sympathy with the savings bank idea as associated with 
life insurance, and years of experience confirm me in the view that the 
more the insured get the idea that life insurance is a provision for the 
future rather than for every time of temporary want of the present, the 
more advantage will come to the policy holders as a whole. 

Let there be a liberal provision for a paid-up policy for a reduced 
amount for those who cannot continue their insurance, but leave to the 
companies themselves to say on what terms they will otherwise terminate 
the contracts. • 

When a man spends his money in other ways, he does not expect to get 
it back at pleasure, and why should he for insurance ? The paid-up policy 
protects his rights, and he is in no way defrauded of his interest, and if the 
law goes no further it has clone all it need to do. 

I am not sure that there would have been such a thino; as tontine insur- 
ance to-day, if there had not been laws compelling payment of cash values. 
Who shall say that tontine insurance was not a natural provision to evade 
an unnatural law ? 

It is all right to legislate to protect the policy holder, and Massachusetts 
has made many wise laws for the benefit of her citizens, but I do not be- 
lieve the law regulating cash values of life insurance policies was one of 
them. 



1XX REPORT OF THE 



[Mr. G. W. Sanders, Actuary of the Michigan Mutual Life Insurance 

Company.'] 

Professor Wright's formula, on which the law is based, is very thoroughly- 
analyzed by Mr. Homans in his paper, where he shows how it protects the 
retiring policy holder at the expense of those ^who remain. 

The law recognizes a loss to the company by the withdrawal of a healthy 
member, and attempts to measure that loss by carefully computing insur- 
ance values, and then guessing that eight per cent, of the result will be 
about the proper measure, and furnish compensation to the company. 

Were the guess a good one, it would cover the loss from one source only, 
but in your last report you have pointed out other sources from which an 
even greater loss may result, and you very properly assert that " any 
scheme intended to hold the company harmless and to be equitable must 
take into account all of them.'" 

It is at least doubtful whether a law, embodying any fixed rule for the 
computation of cash surrender values, would in its application render sub- 
stantial justice at all times to all concerned. 

As Mr. Homans suggests, a minimum surrender value in paid-up insur- 
ance might be prescribed by law. The contract in the first place is for 
insurance. The reserve in the hands of the company is there to pay for 
future insurance which the company is ready and willing to furnish. The 
termination of the contract and the amount of cash to be paid for its 
surrender may well be left to agreement of the parties concerned. 



[Mr. Edward L. Stabler, Actuary of the Manhattan Life Insurance 

Company.'] 

The rule allowing a cash surrender value of the reserve, diminished only 
by eight per cent, of the insurance value, calculated according to the formula 
of Mr. Elizur Wright, ignores entirely all damage to persistent policy 
holders, caused by withdrawals, except the resulting increase in the rate 
of mortality ; so that this rule should not be regarded as even an approxi- 
mation to theoretical justice between the policy holders that continue and 
those that withdraw. This deduction from the reserve is not even suffi- 
cient to compensate the company for the increased mortality that may be 
caused by withdrawals, especially during the later years of an endowment 
policy. 

As you show forcibly, in the admirable discussion of " non-forfeiture leg- 
islation in Massachusetts " that forms part of your last annual insurance 
report, this surrender charge for endowment policies at least is very far 
from being adequate for the expense of substituting new lives for those 
that withdraw. 

All must agree that it would not be proper for any State to attempt to 
regulate surrender values for companies organized in other States, as such 
a practice might compel companies to make unjust discriminations between 
their policy holders residing in different States. But, if a State considers it 
necessary to establish any rufes regarding surrender values, either in cash 



INSURANCE COMMISSIONER. lxxi 

or paid-up insurance, for policies issued by the companies organized in that 
State, I consider that it would be proper to fix only a very low minimum 
surrender value, leaving the actual values to be determined by each com- 
pany in accordance with its ability, methods of business management and 
requirements of competition. For example, as you show in your last annual 
report, the law of New York State provides a minimum paid-up insurance 
value ; but there are comparatively very few policies, if any, now being 
issued by the companies of this State, that do not provide for larger paid-up 
policies. 

The following quotation, from a paper prepared by Mr. Sheppard 
Homans some years ago, refers briefly and well to the subject of surrender 
values : — 

If left to honorable competition and enlightened public opinion, the advantages to 
policy holders in companies which are ably managed would be the more manifest, and 
no danger need be feared that surrender values will be illiberal. 

A successful company, with favorable mortality and ample surplus, can well afford 
to give more liberal surrender values than a company which is less fortunate in these 
respects, and in which it is more difficult and expensive to secure substitutes for with- 
drawing policy holders. No iron-clad surrender charges for all companies can ever be 
satisfactory. The corresponding surrender values will be either too large for the safety 
of inferior companies, or too small for those which are more successful or better man- 
aged. Such surrender values as are guaranteed by the Massachusetts statute might 
work no injuries to companies so long as they are in successful operation, but in case 
of losses in the investment branch, which are not impossible under the most prudent 
management, or other adverse contingencies, not only would the safety of the company 
as an insurance institution be imperilled, but fearful injustice might be done to persons 
of impaired health, by the unnecessary destruction of their insurance contracts. 



[Mr. B. J. Miller, Actuary of the Mutual Benefit Life Insurance Company. 2 

I have never approved of the non-forfeiture law now in force in Massa- 
chusetts, applicable to life insurance policies. I consider it theoretically 
imperfect and practically unfair. I think that the interests of the Massa- 
chusetts companies and of the policy holders insured therein would be 
advanced by the repeal of the law. 

The surrender charge provided by the terms of the law is based solely 
upon the idea that the failure of policy holders to keep up premium pay- 
ments is attended with an impairment of the average vitality of the mem- 
bers of the company who carry out their contracts to the end. There are 
two other important factors which I think should be considered in the 
determination of a rule fixing the amount of the surrender charge : one is 
the failure of the lapsing policy holder to contribute to the payment of 
future expenses ; and the other is the compensation due the company on 
fair business principles for paying out money before it becomes due in the 
regular course of business by the maturity of the policy. The last-named 
factor of course becomes operative only when a cash surrender value is 
paid. 

Since the law does not give the company the right to cancel a policy, but 
does give the policy holder the right at his own option to cease to perform 



lxxii REPORT OF THE 

his part of the contract and demand the cancellation of the policy, the law 
should provide for a fair surrender charge in every case. The surrender 
charge as computed under the law for ordinary life policies might be called 
a reasonably fair one, although even in case of ordinary life policies the 
surrender charge is generally a very small one. In case of endowment 
policies and limited payment life policies the surrender charge provided 
by the law is so small as to be almost inappreciable, and is in my judgment 
grossly unfair to the companies directly, and indirectly to their persisting 
policy holders. Another very important objection to the law is, in my 
opinion, the fact that it provides automatically for paid-up insurance values 
for comparatively small amounts, and renders it impossible for the Massa- 
chusetts companies to grant automatic surrender values in the form of 
extended insurance for the full amount of the original policy A long ex- 
perience has convinced me that the great majority of policy holders prefer 
automatic surrender values in the form of extended insurance, and are 
perfectly satisfied with a provision giving them the right to have a paid-up 
policy value or a cash surrender value, provided the policy be surrendered 
within a reasonable time from date of lapse. 

I question, myself, whether any State ought under existing business con- 
ditions to establish a cast-iron non-forfeiture rule, even for its own com- 
panies, and I feel very sure that it should not do so for companies of other 
States. If, for instance, New Jersey prescribed such a non-forfeiture law, 
and made it applicable to New Jersey and to Massachusetts companies, and 
if Massachusetts prescribed another and incompatible rule for its own com- 
panies and for New Jersey companies, then it would be impossible for the 
Massachusetts companies to comply with the New Jersey law, and equally 
impossible for the New Jersey companies to comply with the Massachusetts 
law. The New Jersey companies would be obliged to withdraw from 
Massachusetts, and vice versa. I think that, where any State undertakes to 
prescribe a rule for the allowance of surrender values for life policies, the 
rule should be sufficiently elastic to allow the companies affected by it the 
option of an automatic surrender value, either in paid-up insurance, ex- 
tended insurance or cash, as according to their judgment is considered best 
for the insured. The comparative merits of the three methods may safely 
be left to be determined by competition. The practice of American com- 
panies in regard to surrender values has become so liberal, and the drift of 
the business is so much in the direction of increased liberality in this re- 
spect, that there seems to me no special need for non-forfeiture legisla- 
tion. I do not think, however, that any serious objection exists to a State 
requiring its own companies to grant a surrender value automatically, 
either in the form of paid-up insurance, extended insurance or cash, in 
accordance as they may choose to provide in the policy contract ; but I 
think that in such a case a rule should be adopted which would provide a 
fair and reasonable surrender charge in every case. I do not think this 
surrender charge should be so low as to prevent individual companies from 
exercising greater liberality than may be required by the law, and neither 
do I think that the surrender charge should be so low that only the very 
best-managed and most healthy companies can bear the burden without 
distress and damage to the persistent policy holders. 



INSURANCE COMMISSIONER. lxxiii 

I have given much study to the question of surrender values, and am 
decidedly in favor of making the extended insurance value the automatic 
feature of the law or contract. I think that a law requiring the automatic 
allowance of a surrender value in either of the three forms named, which 
value should be equivalent to the four and one-half per cent, net reserve, 
less a surrender charge of two per cent, of the amount of the insurance, 
would be a great improvement upon the existing law of your State. Such 
a law would be a very simple one, would prevent the companies from 
exercising undue harshness toward their retiring members, and would still 
leave the field open for fair competition between the companies in the 
direction of more liberal non- forfeiture conditions than those prescribed by 
law. The idea of fixing a surrender charge by computing the reserve at 
a higher rate of interest than the legal standard, and by deducting from 
the reserve so computed a percentage of the amount of the policy, was 
originated by the company with which I am connected, and applied to its 
policy contracts in the spring of 1 895. Since that time two other companies 
of the highest repute have adopted the same method of computing the sur- 
render charge, with results which I believe are entirely satisfactory to their 
respective memberships. The three companies referred to compute the 
reserve at four and one-half per cent , and deduct from same one per cent, 
of the amount of the policy ; but in my own opinion the resulting surrender 
charge is below the maximum which should be allowed by a general non- 
forfeiture law. 



[Mr. Emory McClintock, Actuary of the Mutual Life Insurance Company 

of New York.'] 

In this circular, which is addressed to the individual members of the 
Actuarial Society of America, you invite an expression of opinion from each 
of them "upon the propriety of the insurance value basis of surrender 
charge, as well as upon the effects of its application under Wright's formula 
and rule. 1 ' 

Your own remarks on this subject, contained in your official report, 
dated May 7, 1896, are so sound, clear and comprehensive as to make 
further argument appear unnecessary. It is obvious, however, that you 
desire from the actuaries addressed something more distinctive than a mere 
endorsement of your expressed views. I shall therefore state my opinions 
on surrender values in general, and indicate the points in which the present 
legal system of Massachusetts is antagonized by these opinions. My views 
have changed but little since the time of my first study of life insurance, 
and have for many years past remained without any change whatever. 

Surrender values' may be fixed by agreement at the time of surrender, 
or may be stipulated beforehand. The stipulation, if made beforehand, 
may be by the free act of the company in competition with others, or may 
result from some legislative regulation aft'ecting all companies located 
within the jurisdiction. Again, surrender values may be granted either in 
cash or in some form of paid-up insurance. 

1. Laws modifying contracts, enacted by any State, must positively be 
confined to companies organized within the State. Any other system 



lxxiv REPORT OF THE 

would breed chaos. The legislatures of the several States, almost without 
exception, have entertained numberless proposals affecting companies of 
other States, but in almost all cases the common sense of the legislators 
has insured their rejection. Mutuality would be destroyed were policy 
provisions overridden by discordant laws, varying according to locality. 
In three States only, I think, have such measures been even temporarily 
successful. Missouri and California reversed the action after trial of its 
inconveniences. In Massachusetts a court decided that a law not so 
intended operated upon companies of other States, and the legislature 
almost immediately passed a declaratory act relieving such companies from 
its operation. 

2. The foregoing opinion relates to laws assuming to modify contracts. 
Any State has the power, of course, in its discretion, to prohibit the making 
of obnoxious contracts within its borders by companies of other States, and 
to exclude any company disobeying the prohibition. 

3. As regards a paternal law affecting the contracts of companies estab- 
lished by the State itself, such a piece of meddling must logically be accom- 
panied by the forbidding of any other form of contracts within the State on 
the part of companies of other States Take, for example, the existing law 
of Massachusetts, and assume that there is good reason for its existence. 
If the law is necessary to protect citizens of Massachusetts insuring in 
Massachusetts companies, it is equally a necessity to forbid companies of 
other States making contracts not providing similar benefits. Let us sup- 
pose this done, and the outside companies accordingly expelled. The result 
would be a monopoly of Massachusetts business for Massachusetts com- 
panies Before going to this length, however, the legislature would do 
well to inquire diligently whether the existing law is not a piece of folly 
from beginning to end. 

4. No law on the subject should be enacted by any State. The compe- 
tition between companies has resulted in the evolution of almost as many 
methods of protecting policy holders in case of lapse as there are com- 
panies. With free competition, the applicant takes his choice. For the 
State to pick out one of the scores of systems thus evolved, and enact it 
into iron-clad rules for the governance of all companies, is a course for 
which there can be no justification whatever. There is, in fact, no good 
reason why an applicant who knew what he was doing should be debarred 
from entering a tontine company., if there still existed one, or a company 
which, like all in the early history of life insurance, made every policy 
entirely forfeitable in case of lapse 

5. The systems of surrender value evolved by the companies themselves 
may be divided into three classes : those promising paid-up or temporary 
insurance for a reduced amount ; those promising temporary insurance for 
the full amount ; and those promising cash. (The system of this company 
is, in the main, and as a basis, to give paid-up insurance under the New 
York law. On this point I ask your permission to correct, so far as this 
company's business is concerned, the statement in your report, above 
referred to, that " the surrender charge is one-third the entire reserve." 
Under the New York law the maximum surrender charge is practically 
fixed at one-third of the reserve. You failed to insert the word " maxi- 



INSURANCE COMMISSIONER. lxXV 

mum." The law provides that the reserve shall be used as a single pre- 
mium at the company's published rates, subject to the condition that the 
published rates in question shall not contain a loading exceeding one-third 
of the gross premium. This, as above stated, permits a maximum sur- 
render charge in practice not exceeding one-third of the reserve. The 
published rates of this company, however, now as always heretofore in use 
for this purpose, of which I enclose a copy herewith, provide a loading 
which is in the neighborhood of one-sixth of the gross premium, so that 
practically the surrender charge under the New York law is in this com- 
pany in the neighborhood of one-sixth of the reserve. I desire to mention 
this point particularly, because I know of no other company so liberal in 
its interpretation of the law, — a circumstance which I fear is not generally 
understood. It is not dwelt upon by soliciting agents, who are naturally 
interested rather in telling people to come in than in disheartening them 
by explaining methods of getting out.) Of these various systems, those 
securing either paid-up or extended insurance for a reduced amount are 
the best, both for the company and the policy holder. They employ the 
policy holder's money as he has intended and as it should be employed, — 
for the benefit of his family. The stipulation of cash surrender values 
leads in some cases to surrender merely to meet a momentary emergency, 
or to hypothecation with subsequent surrender. Provided the figures are 
not too high, the cash system is safe for the company, though sometimes 
demoralizing to the insured. On the other hand, that system which ex- 
tends the insurance at its full amount without further payment for a limited 
term of years is demoralizing in another way, by leading policy holders to 
neglect their duty of preparing for the regular payment of premiums. 
Companies which, like the Massachusetts companies in former years, have 
employed this system, have been accustomed, subject to mild conditions, to 
accept payment of premium, however late, and have therefore in many 
cases fostered a habit of delay on the part of the policy holders, usually 
resulting in premature discontinuance One of the noted benefits conferred 
by the system of life insurance is the creation of the habit of saving regu- 
larly to meet periodical payments, and anything which tends to lessen this 
benefit is to that extent contrary to the spirit of life insurance. My opinion 
is, therefore, clear that the best form of surrender value consists in granting 
a reduced insurance, either for the full original term or for some shorter 
term 

6. If a company promises a given amount of paid-up insurance, and is 
requested at the time of the surrender to pay cash instead of granting the 
stipulated paid-up insurance, or if it provides for both options in its poli- 
cies, it should, in the first place, fix the amount of cash so low as not to 
afford a distinct incentive towards the total discontinuance of insurance ; 
and it should, in the second place, fix the amount of cash so that it shall 
bear some definite relation to the amount of paid-up insurance of which it 
is to take the place. These axiomatic maxims are, strange to say, violated 
egregiously in various quarters. 

7. Whether surrender value be given in cash or otherwise, it is cus- 
tomary to base it upon the amount of tabular reserve, with the deduction 
of what is called technically a surrender charge. It is sometimes erro- 



lxXV~i REPORT OF THE 

neously supposed that these surrender charges constitute profits for the 
companies. In reality, they represent that portion of the policy holder's 
previous payments which is retained by the company in compensation for 
the damage which he inflicts upon it by discontinuing the payment of his 
premiums. Under the ancient system, by which surrender values were not 
stipulated in advance in any form, it was possible in most cases for a com- 
pany to make itself whole for such damage as it might suffer at the time of 
surrender. My opinion is that in some of the policy provisions introduced 
of late years by various companies, stipulating surrender values in advance, 
the companies in question have, in the zeal of competition, cramped them- 
selves by making contracts tending to diminish their prosperity and even to 
endanger their safety. 

8. The question of the amount of surrender charge is vitally serious to 
every life company. It is usually settled arbitrarily, one company taking 
a step in the dark in the supposed right direction, perhaps followed by 
others. As officers of life companies are not, owing to the extreme com- 
plexity of their business, always capable of measuring the effect of every 
cause obstructing their prosperity, experiments of this sort may be perpetu- 
ated almost indefinitely without developing any glaring evidence of reck- 
lessness. In determining where to draw the line, it is always wise to return 
to first principles ; and the very first and only demonstrably safe first 
principle on this subject is the one which was laid down in these words by 
Elizur Wright in the " Insurance Times " for January, 1869 : " The company 
ought to charge retiring members enough to pay for replacing the company's 
risks withdrawn, thus securing the premium income of which the risks are 
the measure, ." Whether Mr. Wright personally kept himself in line with 
this maxim is not the question. The maxim itself is sound. It convinces 
every one at first sight, and has never, so far as I know, been disputed ex- 
cept by unsafe theorists. Mr Wright himself never formally withdrew it. 
He applied it in a manner satisfactory to himself, by arguing, first, that 
companies ought to pay commissions in proportion to insurance values ; 
secondly, that, if they based their commissions on insurance values, the 
latter would become the measure of the cost of replacing the risks with- 
drawn ; and, thirdly, that in consequence a percentage of the insurance 
value should constitute the surrender charge. He was so firmly convinced 
that all companies could and should instantly regulate their commission 
payments according to insurance values, that the actual facts concerning 
cost of new business ceased to stand before him as a difficulty, and were 
brushed aside as if they did not exist. I will refer later to the results of 
Mr. Wright's logic, but at present insist only on the necessity of his judg- 
ment above quoted, that the company ought to charge enough to pay for re- 
placing the risks withdrawn, thus securing the premium income of which the 
risks are the measure.* 

9. Has, then, this maxim no limit ? Should the surrender charge always 

* A risk is "replaced" of course when the company secures a new one which, all 
things considered, it regards as equivalent to the one withdrawn. For example, a large 
endowment near maturity, on which only one or two premiums remain to he received, 
might fairly be considered as replaced by a smaller endowment having a number of 
years to run. 



INSURANCE COMMISSIONER. lxxvii 

be based on the actual cost of replacing the risk, even though circling 
stances should increase such actual cost excessively ? I can see no limit. 
Many companies in the past have failed. Some of these companies were 
better managed than others. A fairly well-managed company may meet 
with such misfortunes as to turn it on the down grade. In such a case 
lapses become numerous, the average vitality of the risks remaining is 
lowered, deaths increase in proportion, dividends are cut off, and the re- 
placement of risks withdrawn becomes most difficult and expensive. It 
is in just such a conjuncture, however, that the power to replace with- 
drawing risks by the aid of surrender charges becomes most vitally neces- 
sary. There is, therefore, no logical limit to the application of the maxim, 
though of course there is at present in every company a practical limit? 
established by its own contracts promising surrender values in paid-up 
insurance or otherwise. 

10. The foregoing opinions are general in their character. I come now 
to consider, as requested by you, the existing law of Massachusetts. It is 
radically and hopelessly wrong, because it is unwisely and unnecessarily 
paternal, because it " protects " policy holders insuring in Massachusetts 
companies to the detriment of those companies, and because it violates 
first principles, in that it does not secure for the companies surrender 
charges sufficient to replace the risks withdrawn and so keep up the 
premium income. 

11. The former law of Massachusetts provided temporary extension of 
the full amount of insurance, to the notorious demoralization of the policy 
holders of Massachusetts companies, so that the companies and their agents 
could no longer depend on the collection of premiums at the proper time. 
Although for many years the companies themselves attempted to make use 
of the old law as a means of attracting business in other States, they con- 
curred at once in the abolition of the discredited system of extension for 
the full amount insured, and, presumably in desperation, accepted the 
present law at the hands of the author of the old law, who had fresh views 
to inculcate by the aid of the legislature. Mr. Wright would doubtless 
have told them to regulate their commissions according to insurance 
values, and all would be well. Mr. Wright did not realize that in the 
prosecution of the great business of life insurance it is a matter of increas- 
ing difficulty for any company to make a signal change in the seale of 
commissions without losing many of its agents, without increasing the 
difficulty of getting other agents, and without practically killing that class 
of business on which it undertakes to pay the lowest percentage of com- 
mission upon the premium. If any Massachusetts company had offered 
to its agents in the way of commission a percentage upon insurance values, 
it would not only have killed those branches of business upon which the 
" insurance values " as computed were next to nothing, but it would also 
have so utterly demoralized its agency affairs as to increase largely the 
average expense of getting a given amount of business, or, more likely, to 
have greatly reduced the amount of business procurable for a given ex- 
pense. It remains always true that the law in question violates flagrantly 
the cardinal maxim by which the surrender charge must be sufficient to 



Ixxviii repokt or the 

enable the company to pay the cost of securing a new insurance equally 
valuable to it as a constituent of its future prosperity. 

1 2. Amid the multiplicity of arbitrary practical systems evolved under 
stress of competition, and having before us at the same time the cardinal 
maxim just referred to, it appears unnecessary to discuss any other theo- 
retical basis for the proper determination of the surrender charge in a 
given case. Nevertheless, theoretically, as stated by you so clearly in your 
report, there is not only the element of insurance value to be considered, 
but also the disturbance of assets (including the damage caused by the loss 
of contracts which would have warranted long-continued investment) , and, 
again, the damage caused by the discontinuance of the annual contributions 
towards expense which the company had a right to expect throughout the 
unexpired terms. 

13. I have left unmentioned one element of damage to companies which 
advertise their liberality to retiring policy holders which does not appear 
on the surface, and which has no immediate connection with surrender 
charges, but which has undoubtedly in the past assisted largely in dwarf- 
ing the companies of Massachusetts, along with some others. It is a long- 
established fact that agents who say the most about the ease with which 
policy holders can get out of their companies are, on the average, the ones 
who secure the smallest results in fresh applications The discussion of 
the subject by an agent may injure competitors, but it tends to dry up the 
enthusiasm for life insurance which the same agent in another breath has 
been striving to kindle. 

14. Concerning the change suggested by Mr. Homans in the interpreta- 
tion of the existing law of Massachusetts, as to which you appear to invite 
comment, I would say, to begin with, that Mr. Homans' arguments are 
clear and strong The point of view taken by him is that which would 
doubtless commend itself to actuaries in other countries, and which would 
doubtless have equal weight in this country if Mr. Wright had never 
existed, and if it were merely a question of interpreting the words of the 
law. We know, on the other hand, that Mr. Wright devised a certain 
theory of insurance values, couched in phrases of his own, and that he was 
openly and urgently the author of this law, in which he employed his own 
phraseology, already published and known to experts. The " intent of the 
legislature " might be claimed to have been inspired by the known intent 
of the author, — an intent long acted upon without dissent after the bill 
became a law. In any event, the disputed interpretation of the law will do 
good by drawing attention to its radical demerits. 

15. In conclusion, I would say that, while the boxing up of the once 
relatively prominent companies of Massachusetts by these unique laws has 
resulted in practically eliminating them from the active competition going 
on elsewhere, and while, therefore, it is to the interest of companies of other 
States that the present law should continue, I cannot as an individual with- 
hold the expression of my hearty admiration of the clear and statesmanlike 
stand which yon have taken, and my hope that the old Bay State may give 
prompt relief to the excellent companies which it has during so many years 
been swaddling in iron bands. 



INSURANCE COMMISSIONER. lxxix 



[Mr. E. G. Hann, Assistant Actuary of the Equitable Life Assurance 

Society.'] 
It appears to me that the question as it now stands is clearly presented 
in your forty-first annual report to the Commonwealth of Massachusetts, 
It is also ably discussed by Mr. Homans in his pamphlet on insurance 
values, and I am in hearty sympathy with his conclusions, viz. : — 

This whole question of cash surrender values is far-reaching, and should not be 
subject to iron-clad statutes. It is a question which had far better be left, in general, 
to honorable competition, intelligent public opinion and to the judgment of competent 
insurance managers, except possibly that a safe minimum surrender value in paid-up 
insurance be established by law for all companies. 

In 1861, when the first non-forfeiture law was passed, comparatively few 
life insurance contracts in the United States provided for cash surrender 
values. The late Elizur Wright was the author of the 1861 law. He also 
hammered away at the subject of surrenders till the legislature of Massa- 
chusetts adopted the insurance value law, which simply robs Peter to pay 
Paul. 

The author ridiculed the prevailing practice of giving a fixed percentage 
of the reserve on surrender. There were many, however, who adopted a 
more rational plan of giving a graded percentage according to the value 
of the contract and its duration. 

Since the insurance value denoted the present value of all the normal 
future costs of insurance, and as the surrender charge was graded on a 
percentage of this insurance value, the reduction for the reserve rapidly 
decreased. 

The adoption of this law did not remove the difficulty surrounding the 
question, — it simply shifted it. Under its provision, each policyholder, 
after two full annual premiums had been paid, could claim the net value, 
less eight per cent., of the insurance value. It was a most unjust law, be- 
cause it recognized, in the first place, that the reserve was the individual's 
deposit, — a doctrine entirely without foundation. 

We may speak with propriety of the reserve fund of a company, because 
it is the sum set aside, which, with the aid of future premiums payable, 
will meet the payment of future claims. It is possible to predict, within 
narrow limits of fluctuation, the expected mortality among a large number 
of lives ; but who would be rash enough to insure an individual on the 
strength of that individuars duration of life ? The reserve on a policy, 
therefore, can only, as a matter of convention, be regarded as a propor- 
tional part of the whole, if broken up into small lots, and has no relation 
whatever to the absolute reserve necessary to insure the individual. Take, 
for example, one thousand members from any society, all now age fifty, — 
they will be found in all stages of health and disease. Suppose three hun- 
dred of them decide, for various reasons, to retire ; they will as a rule be 
the healthier lives, leaving the company (which means the remaining 
members) with a residue of lives considerably deteriorated. Notwith- 
standing this, the law steps in and insists upon measuring all those varied 
conditions with the same identical scale. It disregards the fact that the 



1XXX REPORT OF THE 

insured only has the option of withdrawal It is well known that no two 
companies will experience precisely the same rate ol mortality, nor will 
the business be procured at the same rate of expense ; why, then, should a 
fixed percentage of the insurance value be the proper surrender charge ? 
Why, again, should it be eight per cent. ? A leading actuary of the time 
was of opinion that the whole of the insurance value should be the surrender 
charge. 

Life insurance companies are not savings banks. They cannot take the 
position that, if the premiums are not paid by the first of a given month, 
there will be no interest thereon for three or six months, as the case may 
be ; nor can they lower the rate of interest the premiums should earn, if 
trade appeared to warrant it. Life insurance is not voluntarily brought to 
a company ; it has to be procured by persistent and hard labor ; the market 
price has to be paid for obtaining the business. Why, then, should in 
many cases but a small portion of the premium only be considered as the 
proper basis to arrive at surrender charges ? 

The author refined too much on surrender costs, and set too little by the 
practical operation of the charge. No one believed more thoroughly in a 
strong reserve. He regarded it as the sheet-anchor of life insurance, and 
yet he was instrumental in bringing into operation a law which, in many 
cases, gave better terms to those who retired from their contracts than to 
those who had to struggle with more onerous conditions induced by those 
who retire. Such refinements of equity do not commend themselves to 
practical minds 

Let us regard the case from the point of contract. The agreement is, 
that if the assured pay the necessary premiums, the society will pay the 
claim. Since nearly all the companies in the United States are either 
mutual or are conducted on mutual principles, we have to regard the inter- 
ests of the members at large, and the security of the company must be 
kept in view as of prime consideration ; and, since the reserve is the 
guarantee of the company's ability to meet its claims, this reserve should 
be the basis of surrender, as the past claims, profits and expenses have 
been already met, and the reserve is the accumulation for the future. The 
full reserve cannot be allowed except under special conditions, and then 
only when the class bears its own death claims. 

The retiring member should be considered because he has contributed 
to the accumulation of the reserve fund, and also to the expenses of build- 
ing up the company. The company is therefore bound in equity to return 
a portion of the reserve fund. In deciding upon what that portion shall be, 
many things have to be considered. Clearly he has equal rights with other 
members so long as he remains one of them, and when he retires it is 
equally clear that his withdrawal shall not impinge on the rights of 
others. 

A fixed percentage of the reserve would give too much to policies of 
short duration, and far too little to those of long duration. It is better to 
base the cash surrender value on the paid-up policy. The degree to which 
a company is damaged by withdrawals cannot be accurately measured. 
The equities between the individual and the company cannot be divided to 
a cent, even if desirable. 



INSURANCE COMMISSIONER. lxxxi 

1. Experience teaches that the healthier lives withdraw. We cannot 
measure the extent of this adverse selection, because we do not know the 
experience of those who withdraw as contradistinguished from those who 
remain. Prudence demands that the charge shall be high enough. It 
might run between five and fifteen per cent, of the reserve, and, in excep- 
tional cases, even higher. The effect of withdrawal on mortality works 
with greater intensity as the policy grows older. 

2. While commissions, agency and a few minor expenses cease on 
withdrawal, yet there are many general expenses that go on, and cannot 
be diminished by the member retiring. A deduction should be made for 
this. These expenses should be compared with the premium income, and 
whatever portion they bear thereto should be valued by an annuity due at 
the time of surrender This should form another reduction. 

3. Investments are interfered with, and, where the income may not 
exceed or may fall short of the outgo, the disturbance will be serious, and 
necessitate the maintenance of large sums in readily convertible securities 
at low rates of interest. To meet this, the reserve, from which the deduc- 
tions are made, should be based on such a rate, say one-half of one per cent, 
or one per cent, higher than the standard rate of valuation from which the 
other figures are computed. It is imperative that these elements at least 
should be considered in dealing with surrender values ; and, as the govern- 
ing conditions are bound to vary among the companies, a fixed cash 
surrender value for all is inappropriate and unsafe. If the actual condition 
of each company is not fully considered in connection with these points, it 
is simply rendered helpless, and bound hand and foot by utterly inadequate 
surrender charges. 

This question of cash surrender value is one that can be safely and best 
left to the respective managers of the different companies, where competi- 
tion will have full play. No one is better able to adjust this question than 
those who understand the history and conditions of the company at the time 
the surrenders are granted. All that can be given within the limits of 
safety, and in strict justice to others, should unquestionably be done. You 
cannot satisfy the retiring member, as he generally expects at least the 
return of all his premiums. He regards the use of his money, for the time 
being, as ample compensation to the company on his withdrawal. 

The severest commentary on the Massachusetts law is, that it has com- 
pelled certain companies to cease issuing a very desirable form of contract. 

Companies generally are adopting a liberal policy in respect to cash 
surrenders, and I appeal to you in your official capacity to use your influ- 
ence in opposing State regulation of cash surrenders. Why should it 
cumber the ground ? 



[Mr. D. H. Well&, Actuary of the Connecticut Mutual Life Insurance 

Company."] 

Probably every member of the Actuarial Society, unless it may be Mr. 

Wright of the New England Mutual, will without hesitation characterize the 

Massachusetts non-forfeiture law, based upon insurance values, as defective 

and inequitable ; and this is the only point upon which your letter expressly 



lxxxii EEPORT OF THE 

myites an opinion. But to say that the law is imperfect is not to say that 
it is worse than other laws upon the subject, or than any law fixing sur- 
render values which the legislature of Massachusetts or of any other State 
is likely to enact. If I may be permitted to make a suggestion which is 
not asked for, I would say that I think that any law fixing a definite sur- 
render value, to be paid either in cash or paid-up insurance, is a mistake. 
While it may profess to fix only a minimum value to be paid, unless such 
value is absurdly small, it will practically be made a maximum value as 
well, so doing away with all competition in the matter between companies, 
and with all attempts to better the matter on the part of those who ought 
to be most competent to judge. And, if the law undertakes to fix values 
which shall be paid not only by the companies of the State but by companies 
of other States doing business in the State, there is the further and still more 
serious objection to it, that, inasmuch as the States cannot be expected to 
enact the same law, it involves a discrimination between members of the 
same mutual company. This is so serious a matter that 1 personally think 
it would justify, and in many cases require, the withdrawal of mutual com- 
panies of other States from the State enacting such law, even at the ex- 
pense of breaking up a business and an agency system which has been 
established at an expenditure of much time and money. 

I think it better that the matter be left to competition between the com- 
panies. But competition involves comparison, and, in order to permit of 
a comparison between the contracts of different companies, it is requisite 
that the contracts be explicit in their terms ; that, if any value be guaran- 
teed, such value be plainly stated ; and that, if no value be guaranteed, the 
fact appear plainly upon the face of the contract. And if the guaranteed 
value may be waived or lost, the effect of such waivers or losses should be 
made to appear ; and for this purpose I believe that an exhibit something 
of the nature of the " profit and loss exhibit, 1 ' so far as it relates to lapsed 
and surrendered policies, may be made of great value. 



[Mr. David Parks Fackler, Consulting Actuary^ 

As you ask my opinion regarding the propriety of the surrender values 
fixed by your State law, frankness may require that at the outset I state a 
grave doubt as to the propriety of any legal regulation of the subject 
whatever, and my decided opinion that in any case the most a State could 
properly do is to declare what shall be considered a minimum value, even 
if a company were on the verge of bankruptcy, and were also passing 
through as bad a financial convulsion as can be conceived to be within the 
bounds of possibility. 

When a bridge is to be built, prudence dictates that it should be made 
far stronger than is necessary to bear any strain that is likely to be brought 
upon it ; but the Massachusetts law reverses this, and requires all its com- 
panies under all possible contingencies during the existence of their poli- 
cies to pay the highest surrender values that could safely be paid by a 
most prosperous company during the most favorable conditions in the 



INSURANCE COMMISSIONER. lxxxiii 

financial world. This is putting it mildly, for on short-term endowments 
the values are larger than any company could afford to pay. 

I have always favored liberal features, and believe I began advocating 
the guaranteeing of cash surrender values some years before Professor 
Wright took up the subject. I, however, proposed only moderate and mini- 
mum guarantees, extending not longer than twenty years into the future, 
and always told Professor Wright that his " surrender charges " were 
entirely too small, and did not provide for the great risk of loss in case a 
large part of the policy holders should demand cash during periods of 
financial depression, when the best securities might have to be sold much 
below their value. That his method of computation and the Massachusetts 
law made no allowance for the loss of a policy's contribution to expenses, 
goes without saying. 

Probably every experienced actuary will agree with you, that, if a com- 
pany were not in a prosperous condition, its officers would be justified in 
basing surrender charges upon all the considerations mentioned by you at 
the bottom of page xviii of your report ; and probably every experienced 
business man will agree that no company should guarantee, for long 
periods in advance, — either voluntarily or under legislative compulsion, — 
more than it would probably be able to perform under the most adverse 
circumstances that can be considered within the bounds of possibility. 

Though in some theoretical points I do not entirely agree with Mr. 
Homans, I fully concur in his condemnation of legislative meddling in 
general, and of the Massachusetts law in particular. 



[Mr. Clayton C. Hall, Consulting Actuary."] 

In my opinion, the " surrender charge " prescribed and limited by the 
so-called " paid-up and cash surrender value law " of the State of Massa- 
chusetts does not allow to the insurance companies which are subject to 
that law adequate compensation for the withdrawal of contributing policy 
holders from the compact of mutual insurance. 

That law requires that a withdrawing policy holder shall receive for his 
policy, duly surrendered, the amount of the reserve apportioned thereto at 
the time of such surrender, less eight per cent of the " insurance value " of 
his policy, the insurance value being defined to be the present value of the 
sum of the contributions to the normal cost of mortality which would be 
made under the policy if continued to maturity, whether the time of maturity 
be at the end of a fixed period or at the limit of human life. 

This surrender charge is determined upon the assumptions that it is only 
for the discontinued contributions to mortality for which the withdrawing 
member was liable ; that the company, that is, the remaining policy holders, 
should be compensated ; and that eight per cent, of the value of those con- 
tributions is an adequate compensation. 

In my judgment, both these assumptions are erroneous. The amount — 
eight per cent. — is arbitrarily determined, and no reason can be given for 
the selection of that figure rather than seven per cent, or nine per cent. If 
it be taken upon the theory that it will provide a sum sufficient to meet the 



lxxxiv REPORT OF THE 

expense incident to the granting of insurance to a new policyholder, whose 
contributions will replace those of the one withdrawing, it fails of that ob- 
ject, for the reasons pointed out in your forty-first annual report ; namely, 
the amount is wholly insufficient for the purpose. 

But the making of contributions to the normal cost of insurance is not 
all that a policy holder in a mutual company undertakes. The premiums 
which he stipulates to pay include not only a provision for normal mor- 
tality, but also for expenses of management and contingencies, such as 
excessive mortality and possible losses upon investments. The withdrawal 
of a policy holder decreases, to the extent of his yearly contributions to 
those purposes, the resources available for expenses and contingencies ; 
and for this the remaining policy holders, upon whom the whole liability 
remains, are as much entitled to compensation as for the cessation of con- 
tributions to mortality. 

Upon the general subject of surrender values it may well be questioned 
whether it is wise or reasonable for cash values payable upon surrender of 
policies to be prescribed, and their payment compelled, by legislative 
enactment. In a contract of life insurance, made for the term of life, the 
policy holder promises to pay certain stipulated premiums upon certain 
specified dates ; and in consideration of such promise, and of its perform- 
ance, the company promises to pay a certain sum in the event of his death, 
whenever that event may occur. The payment of each successive premium 
is a partial performance on the part of the policy holder of the conditions 
on his part to be performed. The failure to pay a stipulated premium 
when due is a breach of condition, and the original contract terminates. 
Now, it would appear that, for a partial performance on his part, the other 
party to the contract could properly be held to a partial performance only 
on its part of the original contract ; namely, to the payment in the event 
of his death, at the time and in the manner therein provided, of a part of 
the original sum promised, proportioned to the excess of the payments 
made over the cost of the insurance already afforded, but deducting a suffi- 
cient indemnity for loss from the termination of the contract. This is in 
accordance with the usual practice of granting paid-up insurance, and is 
applicable to contracts of endowment insurance as well as to those made 
for the term of life. 

The termination of the original contract by failure, in part, of the stipu- 
lated consideration, should not be held to create, or raise the presumjjtion 
of, a. new and different contract, involving the payment by the company of 
cash upon demand, instead of the granting of insurance. If the parties 
agree, either in the original contract or subsequently, upon a different 
settlement, by the purchase and sale for cash of the right to paid-up insur- 
ance, there should be left freedom of action to them both. The usage of 
the best companies and the competition for business would bring about an 
equitable custom, just as the usages of merchants have formed the basis for 
the body of mercantile law. 

The inconveniences resulting, if, in addition to the obligation to make 
payment of the sums insured whenever, by the occurrence of death, they 
become payable, the companies are under compulsion to purchase for cash 
uncompleted contracts at the option of the holders, are forcibly pointed out 



INSURANCE COMMISSIONER. 1XXXV 

iii your report. For this purpose the companies would be compelled to 
maintain a reserve in a different sense from that composing the investments 
of their sinking funds held to protect outstanding and regularly maturing 
obligations. It would involve, as you have stated, " the necessity of keep- 
ing a supply of idle money, or highly convertible low-interest-bearing 
assets, 1 ' especially to meet such calls. The calls for cash surrender values, 
when such are rigidly fixed, payable under all circumstances and upon too 
high a basis, would naturally be most frequent in times of financial strin- 
gency, when the market price of all investments, even the best, is de- 
pressed. The fixed price to be paid for the policy upon surrender would 
know no depreciation, and the loss resulting from the sale of investments 
upon a depressed market, in order to meet the demands of withdrawing 
policy holders, would fall, through the sacrifice to that extent of the com- 
pany's assets, upon those who remained the holders of its policy obligations. 
For these reasons, cash values to be paid for the surrender of discon- 
tinued policies should not, in my judgment, be fixed by law, unless it be to 
prescribe a minimum considerably below prevailing usage in this respect ; 
and even then the company should be entitled to demand notice, in order 
to have the opportunity to protect itself from loss in times of panic or of 
unusual financial stringency. 



[Mr. James Meikle, President of the Faculty of Actuaries, Edinburgh^ 

You have been pleased, by your circular letter of November 13, to invite 
an expression of opinion from any or from all of the individual members 
of the Actuarial Society of America, upon the propriety, reasonableness 
and value of the cash surrender allowance and of the paid-up assurance 
allowance enacted by the legislature of the Commonwealth of Massachu- 
setts, and which allowances are applicable to and binding upon all life 
assurance companies having their headquarters in that Commonwealth. 
As I have the honor to be a member of that Actuarial Society, and as I 
have taken an active practical interest in the points upon which you desire 
an expression of opinion, I have great pleasure in briefly responding to 
that invitation. 

I have, however, considerable diffidence in mingling my sentiments with 
those of other specialists in America whose opinions and sentiments are set 
forth in language which is probably more fitted for your comprehension 
and more appropriate to your popular form of expression than the language 
used for the designation of the same object by others in distant parts. I 
have further considerable difiiculty in making known my individual senti- 
ments and opinions, because, if these be at variance with the practice of the 
company or companies to which I may be ofiicially attached, I may thereby 
be exposing myself to the criticism of inconsistency. With your forbear- 
ance on these points I proceed to set forth my views on the cash surrender 
allowances and the paid-up insurance allowances that should be made for 
policies that have not continued payment of the contributions to the end of 
the terms prescribed in the documentary contracts. 



Ixxxvi 



REPORT OF THE 



1. Cash Surrender Allowance. 

The present consideration of these questions has its origin in the appli- 
cation of the laws laid down by the Commonwealth of Massachusetts. 
These laws are very clearly expressed in your report of May 7, 1896- 
They were enacted at three different dates : first, in 1861 ; second, in 1880 ; 
third, in 1887. 

The law of 1861 enacted that failure to continue payment of premiums 
should not wholly void the policy, but that the policy should remain in 
force so long as four-fifths of the calculated reserve exceeded the unpaid 
premiums accumulated at six per cent. 

The law of 1880 combined the same excellent rule of non-forfeiture of 
the policy, but enacted that, in place of four-fifths of the calculated reserve 
either of whole life policies or of endowment assurance policies being placed 
to the credit of the policy, there should be substituted the whole of the cal- 
culated reserve, under deduction of a " surrender charge " of eight per cent, 
of the present value of the yearly costs of insurance as in the contract, the 
balance being withdrawn in cash or applied in granting paid-up insurance 

The law of 1887 enacted that the " surrender charge" on endowment 
assurances should be five per cent, of the calculated reserve when the 
allowance was paid in cash, but when the allowance was given in paid-up 
assurance there should be no surrender charge whatever. 

These laws applied to all policies issued by companies having their head 
offices registered in the State of Massachusetts. Policy holders of these 
companies wherever resident were thereby entitled to receive cash sur- 
render allowances or paid-up insurance allowances according to the fore- 
going standards. When contrasted with the surrender values of similar 
policies issued by other States, such as the State of New York, the differ- 
ence is most marked. The following table shows the relative magnitudes 
upon the footing that the full calculated value is $1,000 ; the others are in 
relative proportion : — 



At End of Yeae. 



Calculated 

Value. 



1, 

2, 
3, 

4, 
5, 
6, 
7, 
8, 
9, 
10, 

11, 

12, 
13, 
14, 
15, 

16, 
17, 
18, 
19, 



$1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 
1,000 



Surrender Value. 



New York. 



667 
667 
667 
667 
667 
667 
667 
667 
667 
667 
667 
667 
667 
667 
667 
667 



Massachusetts 
(1880). 



$801 

918 

949 

964 

977 

982 

986 

991 

992 

994 

995 

996 

997 

998 

999 

1,000 

1,000 

1,000 

1,000 



INSURANCE COMMISSIONER. lxXXVli 

An inspection of the foregoing table points out that, while the New York 
offices were under obligations to pay on surrender two-thirds of the calcu- 
lated values, the Massachusetts offices were obliged to pay almost the 
whole of the calculated values of these policies, such values being those 
tabulated in the ordinary insurance standard text-books. Allow me to 
point out wherein I am of opinion that both methods of calculation are 
unsatisfactory, — the New York values being in certain instances in defect, 
and the Massachusetts values in excess of the proper value. 

Looking first to the New York values : towards the end of the period, 
the surrender charge, or, in other words, the abatement from the calculated 
value of the policy, is enormous, — 'it is $333 per $1,000. By the payment of 
anotheryear's premium of say $49.58 the amount of this charge of $333 would 
be saved. Looking now to the Massachusetts values : when the term is half 
expired the surrender charge is only $6 per $1,000. Surely both of these 
extremes could be rectified by calculating the surrender values upon the 
broad popular principle adopted by persons purchasing policies in the open 
market. Neither company should be asked or bound to give more. The 
question is, What is the value of the policy ? On the one hand there is the 
obligation to pay a certain specified fixed sum at death or on surviving a 
term of years ; on the other hand there is the counter obligation to pay a 
certain fixed contribution for a definite term of years. There is no obliga- 
tion to pay bonuses or dividends, but there may be reasonable expectations 
of these being paid, which is a matter of opinion, and to which as great 
effect may be given as the purchaser feels inclined to give. Apart from 
the question of bonuses, the following is the market value of an endowment 
assurance policy for $1,000, to mature at the end of twenty years, — assum- 
ing the two obligations to be measured by the H.M. mortality, and that the 
purchaser is content with an investment yielding four and one-half per 
cent. It will be readily understood that when the business was entered 
upon, a palpable tangible benefit accrued to the office immediately on the 
registration of the policy. The policy holder reaped the benefit of " assur- 
ance,' 1 he being one of the many who made the " assurance doubly sure." 
One life cannot assure itself, — there being nothing so uncertain as the 
duration of one life ; but by gathering together the many and the several 
units an " average " is obtained which makes the individual's assurance 
secure. It is the business of the company to gather together the several 
units. Upon the strength of this individual's item of the business, engage- 
ments with permanent officials have been entered upon which cannot be 
dissolved ; business premises have been engaged ; director's fees, medical 
officers' fees, agents' commissions, clerks' salaries, which must be paid for 
and shared by every item of the business. If every one surrendered his 
policy, out of what fund would these engagements be defrayed ? In this 
particular instance the advantage to the office — and by the office I mean 
those policy holders who carry out their contracts, who fulfil all their 
engagements — was the whole of the loading in the contribution that the 
policy holder engaged himself to pay, the value of which during the twenty 
years was £171.79. Of this sum a large portion was expended before the 
policy holder had paid his first premium, and if he refuse to take up his 
policy this outlay must be borne by the continuing contributors, or re- 



lxxxviii 



REPORT OF THE 



covered by an action against the intending policy holder, as is sometimes 
done. If he contribute only one premium, there will even be a small 
balance of the initial expense undefrayed. After contributing for five 
years, the tide has turned in the assured's favor and amounts to the sum of 
$22.41, which balance increases during each subsequent year. For these 
reasons the cash surrender allowance calculated by this method is durino- 
the early years of the assurance less than the cash surrender allowance 
calculated by the New York State law. 

During the later years of the term the cash surrender allowance calcu- 
lated by this proposed method is much greater than when calculated by the 
New York law, because thirty-three per cent, of a surrender charge under 
that law is unreasonably excessive. The entire surrender charge should 
be the capitalized value of the loading during the remaining years of the 
term. Look at the difference in the last year. The two cash surrender 
allowances are : by the proposed method, $907 36 ; by the New York law, 
$615.73; difference, $291,63. Is there no usuriousness in this little trans- 
action ? On the one hand $1,000 is due in twelve months, and on the other 
$49.58 is due now. What are the terms upon which a present settlement 
is effected for a sum of $615.73, — is it not fifty per cent, interest ? 



Comparison of Cash Surrender Allowances of Endowment Assurance for 
$1,000 in Twenty Years, effected at Age 30 by Twenty Payments of 

$49.58. 





Value of the Obligation. 














Difference. 

Value of 

the Policy to 

the 


Value by the 
New York 




At End of Year. 


By the Office 
to pay 


By the Assured 
to pay $49.58 


Value by the 

Massachusetts 

Law 




$1,000 at Death 


during the 


Law. 






or at end of 


Next 20 Years 


Assured. 




(1880). 




20 Years. 


of his Life. 








1, . . . 


$455 34 


$627 13 


Negative 




_ 


2, 








471 74 


608 23 


Negative 


- 


$58 70 


3, 








488 93 


588 45 


Negative 


$65 43 


93 20 


4, 








506 93 


567 72 


Negative 


89 21 


129 25 


5, 








525 82 


546 01 


$22 41 


114 06 


166 91 


6, 








545 61 


523 20 


67 06 


140 04 


206 28 


7, 








566 36 


499 30 


113 84 


167 21 


247 44 


8, 








588 10 


474 26 


162 85 


195 65 


290 44 


9, 








610 88 


448 03 


214 29 


225 42 


335 48 


10, 








634 80 


420 51 


268 37 


256 59 


382 61 


11, 








659 93 


391 56 


325 29 


289 26 


431 96 


12, . 








686 40 


361 11 


385 31 


323 50 


483 67 


13, . 








714 29 


328 98 


448 56 


359 41 


537 85 


14, . 








743 68 


295 12 


515 38 


397 06 


594 63 


15, . 








774 64 


259 46 


585 34 


436 57 


654 17 


16, . 








807 27 


221 93 


659 35 


478 03 


716 62 


17, . 








841 67 


182 32 


737 44 


521 61 


782 18 


18, . 








877 96 


140 52 


819 98 


567 44 


851 08 


19, . 








916 32 


96 34 


907 36 


615 73 


923 59 . 


20, . 








956 94 


49 58 


1,000 00 


1,000 00 


1,000 00 



A glance at the respective figures of the foregoing table will, I have no 
doubt, carry immediate confession of the superior justice of the proposed 
method over either that of the usurious New York State method of calcu- 



INSURANCE COMMISSIONER. Ixxxix 

lation or of the disastrously ruinous method enforced by the Massachusetts 
State law. 

There seems to be a feeling that the results of the ordinary calculation, 
bringing out what actuarial experts have denominated as the " value of the 
policy," is alike applicable to continuing and discontinuing contributors. 
Nothing of the kind. On an average, if all continue it may be fair, and at 
a valuation it is probably the most appropriate measure of the net liability 
of the company for determining divisible profits. It is a very different mat- 
ter, however, when the policy holders diverge into different channels, some 
discontinuing like the rats from a sinking ship, and others clinging to the 
rigging for very fear of death. The discontinuing policy holder cuts off 
supply and burdens the continuing policy holders with a double levy. They 
ought accordingly to be treated very differently when they present them- 
selves in these different circumstances. 



2. Paid-up Insurance Alloivance. 

I come now to consider the amount of paid-up assurance that should be 
allowed in lieu of cash surrender allowance, and on this point I shall be 
very brief. 

Some officers treat the calculation of this allowance in a very summary 
manner, by granting in respect of each premium one proportional part of 
the total amount in the policy as paid-up assurance. Some cut off the first 
year, and allow one proportional part in respect of each premium paid after 
the first. Some allow one part for each premium, but insist upon first re- 
ceiving three premiums ; others five, others twenty per cent, of the total, 
others twenty-five, others fifty per cent, of the total premiums receivable. 
A few convert the cash surrender allowance into paid-up insurance by the 
office tables at the policy holder's increased age. One office insists upon 
the two following points being realized: (1) that the cash allowance shall 
be calculated by the rules of the office in the surrender of its policies ; (2) 
that the calculated value of the future contributions shall be made accord- 
ing to the rules of the office for commuting contributions ; and by the 
following formula — 

Vx/n X sum assured 
Vx/n + P (I + ax + n) 

divides the original assurance into two parts, the one part to be surren- 
dered, the cash surrender allowance for which shall commute the future 
contributions of the part of the policy to be maintained as a paid-up insur- 
ance. The rationale of the formula will be obvious without explanation. 

On these data the following would be the amount of the paid-up insurance 
at the end of the several years of the policy previously referred to : — 



xc 



REPORT OF THE 



At End of Year. 



Paid-up 
Insurance. 



5, 
6, 

7, 

8, 

9, 

10, 

11, 

12, 



$41 00 
119 00 
193 00 
266 00 
338 00 
407 00 
474 00 
540 00 



13, 
14, 
15, 
16, 
17, 
18, 
19, 
20, 



At End of Year. 



Paid-up 
Insurance 



$603 00 
665 00 
725 00 
784 00 
840 00 
896 00 
948 00 

1,000 00 



It will be obvious, without any direct reference being made to the point, 
that cash surrender allowances and paid-up insurance allowances may not 
always be deferred till five years have expired. That would depend upon 
the relation of the facts of each policy to the data of the calculation. The 
foregoing is probably an extreme view of results. It is given merely as an 
illustration of the process and of the steps (at the same time adopting the 
figures employed in your report) for determining the amounts of the 
allowances without subjecting the remaining members to loss. 

Another illustration is readily at hand : age 30, assuring for £100, pay- 
able at death or on attaining age 50,. by a premium of £4 9s. lOd. The 
value of the policy is calculated upon the assumption that H.M. mortality 
will be experienced, and that four and one-half percent, will be sustained 
by the purchaser of the policy. The office premiums are commuted at three 
and one-half per cent, interest. Upon these data the policy is divided into 
two following parts : — 



At End of Year. 



Portion 
paid up; 



Portion 
surrendered. 



4, 
5, 
6, 
7, 
8, 
9, 
10, 

11, 

12, 
13, 
14, 
15, 
16, 
17, 
18, 
19, 
20, 




£94 4 
87 5 
80 7 
74 
67 5 
61 
54 7 
48 7 
42 5 
36 6 
30 8 
25 2 
19 8 
14 6 
9 6 
4 7 



And the cost of redeeming the future contributions of the portion of the 
policy to be maintained in force is here shown to be equal to the cash sur- 
render allowance of the portion of the policy to be surrendered : — 



INSURANCE COMMISSIONER. 



XC1 



Annual 




Post nf 


Value 


Value 


At End of Year. 


Premium on 


Annuity. 


Commutation. 


of Policy of 


of Portion 




Portion paid up. 






£100. 


surrendered. 


4, . 


£0 251 


£11 70 


£2 94 


£3 12 


£2 94 


5, . 








560 


11 20 


6 27 


7 16 


6 26 


6, 








866 


10 60 


9 21 


11 40 


9 20 


7, 








1 166 


10 10 


11 73 


15 80 


11 70 


8, 








1 460 


9 47 


13 80 


20 50 


13 80 


9, 








1 750 


8 85 


15 50 


25 40 


15 40 


10, 








2 034 


8 21 


16 70 


30 50 


16 70 


11, 








2 312 


7 54 


17 40 


35 90 


17 40 


12, 








2 584 


6 84 


17 70 


41 60 


17 70 


13, 








2 849 


. 6 11 


17 40 


47 60 


17 40 


14, 








3 107 


5 35 


16 60 


54 00 


16 60 


15, 








3 358 


4 56 


15 30 


60 60 


15 30 


16, 








3 600 


3 73 


13 40 


67 70 


13 40 


17, 








3 835 


2 86 


11 00 


75 10 


11 00 


18, 








4 062 


1 95 


7 90 


82 90 


7 90 


19, 








4 281 


1 00 


4 30 


91 20 


4 30 


20, 








— 


"■ 


•" 


— 


■" 



If you consider the foregoing views of sufficient worth to merit publicity, 
I feel confident that they will be appreciated by every impartial inquirer. 



[Mr. Charles Hildebkand, Assistant Actuary of the Connecticut Mutual 

Life Insurance Company. 7 ] 

To look upon the policy holder as owning a certain part of the funds of a 
company seems to me a dangerous doctrine, and one which has probably 
had much to do with the adoption of, or proposals for, non-forfeiture laws. 
Nevertheless, it should not be overlooked that surrender values have been 
adopted by companies voluntarily, — the result of competition ; and there- 
fore allow me to say that I think it a matter that had better be left to com- 
petition, rather than to legislation. 



[Mr. Howell W. St. John, Actuary of the Mtna Life Insurance Company.] 

If I am correctly informed with respect to the present status of the law 
regulating the cash surrender values payable by Massachusetts life insur- 
rance companies, then, in my opinion, it acts as an increasing burden and 
unjust restraint upon those rights of contract upon which the institution of 
life insurance is founded. 

In order that I may deal impartially with this important question, permit 
me to dissent to each of the following views in respect of Professor Wright's 
theory of " insurance value," which of late it is the fashion to affirm, viz. : 
(1) that it is intrinsically fallacious ; (2) that it has never been accepted 
by any competent authority ; (3) that it has never served any useful 
purpose. 

Not only do I dissent to the opinions just enumerated, but I maintain that 
the theory of " insurance value," devised and presented by Mr. Wright, 
forms a logical and instructive supplement to the theory of " net valuations? 



XC11 REPORT OF THE 

and I believe, like many another previous and greater contribution to 
science, that it is not above criticism, yet reveals with clearness and pre- 
cision important relations but imperfectly disclosed before, and thus pre- 
pares the way for further progress. 

I would endeavor to sustain by argument the views just expressed, if 
anything could be gained thereby for the end I have in view ; but this is 
not the case. That no misapprehension may arise, I will state again my 
opinion upon this question. I believe that Professor Wright's theorems 
relating to " insurance value " form an admirable contribution to the mathe- 
matics of life insurance, but to the application made of them under the 
present Massachusetts " non-forfeiture " law I beg leave to earnestly pro- 
test. 

The question of the " expediency of insurance value as a basis for sur- 
render charge, and of the effects of its application under Wright's formulas 
and rules " may be considered from two points of view. 

So long as the practice shall continue, of recruiting and maintaining 
the membership of life insurance companies by the payment of commis- 
sions (percentages) upon the premiums payable, whose present values 
bear such widely varying proportions to " insurance values," these latter 
functions must form very disproportionate bases for " surrender charges,"' 
and, if current rates (of commission) be maintained, eight per cent of 
them must prove insufficient to replace the business withdrawn, and inflict 
pecuniary loss upon the companies employing it for this purpose ; but all 
this has been pointed out very clearly in your recent report to the Massa- 
chusetts legislature. 

There is a second and important aspect of this question. Is " insurance 
value " a proper basis for surrender charges designed to compensate for 
the deterioration of vitality caused by the withdrawal of presumably sound 
lives, commonly termed " the effect of adverse selection ? " The effect of 
adverse selection, caused by any given number of withdrawals, is at a 
minimum during the first year of insurance (since during this period nearly 
all lives are in sound health and exposed to death only through unforeseen 
incidents) ; it increases thereafter as the average vitality of the insured 
diminishes (with the augmenting hazards of exposure) ; hence the charges 
to compensate for " deterioration " should form an increasing rather than a 
decreasing series. The latter feature pertains to Professor Wright's scale, 
and thus forms an additional objection to its application in determining 
surrender charges. 

The definite (quantitative) effects of " adverse selection " on the finances 
of a life insurance company can, in my opinion only be determined scien- 
tifically (under existing methods of analysis) by employing mortality rates 
dependent upon two variables ; viz , " the age at entry " and the " actual 
age " (age attained through duration of the risk) , arranged and classified 
in what are termed " analyzed " or " select " mortality tables. In no other 
way that I am familiar with can due weight be given, in computing an- 
nuities, premiums and reserves, to the singular law of mortality that 
invariably prevails among a community of insured lives. 

This important question has long formed the subject of investigation and 
discussion by the learned members of the English Institute of Actuaries 



INSURANCE COMMISSIONER. XC1U 

(notably by Messrs. Iligham, Berridge, King and Sprague*), and the re- 
sults of these labors have been presented by them to the actuarial profession 
in several volumes of the " Assurance Magazine." The late Prof. C. F. 
McCay of Baltimore, Md., contributed a number of admirable papers on 
this subject to the columns of the " Spectator " (of New York City) during 
the years 1871, 1872 and 1873. If the important matter of cash surrender 
values is of necessity to be generally determined by statute, then I submit, 
with deference to my fellow students inclined to the responsible diversion 
of promoting legislation, the opinion that their views may be materially 
modified if they will give to these valuable essays sufficient attention. 

It may be pertinent to suggest here that, even if cash surrender values 
be computed with the precision attainable through the analytic method 
mentioned, they will nevertheless at present be determined under the nor- 
mal conditions that have formerly influenced existing mortuary statistics ; 
i. e., by the facts of previous and favorable experience incident to the 
history of life insurance during a period of general prosperity unvexed 
by legislation, but not necessarily to be continued. 

It may be wise, then, in order to provide for any status that may 
obtain (e. g., under enactments that convert all reserves into savings bank 
deposits) , for the actuary to follow in his calculations the practice of the 
engineer who from the known strength of materials designs the pro- 
portions of his structure, and computes the strain which it is capable of 
sustaining under prudent conditions of use, and then, to provide for contin- 
gencies, reinforces his results by employing a suitable " factor of safety." 

If such a precaution be taken in preparing cash surrender values, then it 
would not be difficult to prove that the corresponding surrender charges, in 
the case of any age under ordinary whole life insurance, for example, could 
very moderately be made equal to the greater portion of the net annual 
premium in the earlier, and to more than the whole of this function in the 
later, years of insurance. If objections arise to providing for contingent and 
unfavorable conditions in computing surrender values, then the alternative 
is presented of charging the persistent members of the society for the 
presumable effects of " adverse selection," and of retaining from their fund 
of existing surplus a sufficient sum for this purpose, to be used as occasion 
may require. 

I am in doubt whether a suitable fund could be provided by the Massachu- 
setts companies from either of the above-stated sources, as I am informed, 
though it seems incredible, that they are compelled by statute to make 
periodical distributions of all non-allotted surplus, based upon a net valu- 
ation. This would place their managers in the embarrassing position of 
being held by law to the performance of specific obligations, and by the 
same means shorn of an essential portion of the just and concomitant privi- 
leges. I was not invited, however, to review this peculiar feature of your 
legislation (assuming it to exist), and have endeavored to treat the topic 
of discussion with impartiality. 

Dr. Sprague's essay in Vol. XXII. is masterly and exhaustive. 



XC1V REPORT OF THE 



[Mr. George Ferry Salter, Member A. S. A."] 

I consider all insurance laws to be more or less tentative and experi- 
mental in their nature, though it is quite plain that we could not well do 
without them in this country, under the conditions here existing. In par- 
ticular, I have long regarded the New York law as crude, clumsy and 
inequitable. 

While I feel diffident about setting up my opinion against that of so high 
an authority as Mr. Homans, I am unable at the present writing to- agree 
with him in his conclusions regarding the mode of calculating insurance 
value on endowment policies. It seems to me that the two parts of the 
contract cannot properly be separated in the way indicated, and that in this 
form of contract the entire reserve is theoretically available for death 
claims. But this does not affect the main question materially, which is, as 
to whether eight per cent, of the insurance value is a proper surrender 
charge. 

It is clear that there should be some limit to the charge which a company 
is entitled to make to provide against loss on account of healthy members 
retiring. How to fix that limit is a difficult question indeed. I never could 
comprehend why eight per cent, should be the rate adopted, — even sup- 
posing that insurance value forms the proper basis of surrender charge, 
which, as well stated by yourself, is quite doubtful. 

So I a^ree with Mr. Homans in his main conclusions. 



[Mr. Joseph A. De Boer, Actuary of National Life Insurance Company, 

Montpelier, VI."] 

Ordinary contracts of life insurance may mathematically be viewed in 
various ways. The various parts may be treated in combination, or sepa- 
rately, in either case with equivalency of results to the company, but with 
variations in results for individual members. There is a business difference 
between insuring the same life in the same company under the combined 
contingencies of a pure endowment and a term insurance, and the distribu- 
tion of these separate risks in different companies. When both promises to 
pay are joined on one life, in the same company, the j)ractical and equitable 
treatment of the contract is to give the individual the benefit of whatever 
hedge there is in it, and to consider him actually insured, in any year, for a 
sum equal to the difference between the face amount of his composite con- 
tract and their combined final reserves. This, as I understand it, was Mr. 
Wrifflifs view of the individual member's true or actual insurance. He 
made his insurance value the present worth of the prospective insurance 
costs, computed at present ages on these sums. In both his assumption as 
to a definition for practical accounting and in his calculation of insurance 
values on that assumption, he was, as it seems to me, correct. In this par- 
ticular the Massachusetts law of non-forfeiture does not require a new 
interpretation. 

I am of the opinion, however, that it would be in the interest both of your 
State companies and of the life insurance business in general to entirely 



INSURANCE COMMISSIONER. XCV 

eliminate from State laws of non-forfeiture the compulsory payment of cash 
values ; and, further, to extend the period of non-forfeiture from the end 
of the second to the end of the third policy year, in view of the changed 
conditions which practice has experienced. The principle of non-forfeiture 
should be retained, and applied either through the medium of a self-acting, 
non-participating paid-up policy of reduced amount, or of a self-acting, non- 
participating term insurance for full amount. The original endowment 
period should limit the term extension, excess of single premium to be 
applied on account of a pure endowment, payable, if the life survives, at 
the close of the term In determining the amount of these paid-up values, 
the company should be allowed by law the margin of a surrender charge, 
which charge, in my judgment, should be obtained through the use, as a 
basis of computation, of single premiums variously loaded, according to the 
kind of insurance involved and the ages attained. The law should reserve 
to companies the right to contract as to policy debts, existing at lapse, and 
forborne premiums with interest, in case of death within the extended 
insurance term. 

The matter of cash values should be left to the influence of competition 
and to the discretion of individual managements. Their elimination from 
the law removes the possibility of loss from disturbed investments. The 
provision for margins in the computation of the paid-up values covers the 
loss of lapsed loadings. This arrangement preserves to the members their 
insurance equity in the policy reserve, and leaves to the companies that 
reasonable freedom of action which may prove essential to their self- 
preservation, and will greatly aid their proper development and progress. 



[Mr. Rufus W. Weeks, Actuary of the New York Life Insurance Company, ,] 

It seems to me that the surrender values required by the Massachusetts 
law are too high, and, furthermore, that the rule prescribed for calculating 
them is wrong. 1 think, in the first place, that the question what surrender 
values a company should give is a very different one from the question 
what minimum surrender values the law should require to be given. The 
requirement of the law should be on a basis so low that it could not in any 
probable case endanger the welfare of a company. The legislature should 
consider the possibility that some company, not very strong, but still sol- 
vent and capable of continuing so, might become subject to a run, which, 
if high surrender values were required, might take all its healthy }:>olicy 
holders away. Such a company would find itself unable to go on and meet 
its insurances on the remaining policy holders, and hence an injury would 
be inflicted on those families who would suffer the most from it, namely, 
the families of the insured who have become impaired risks. I think that 
the minimum surrender value required by law should leave an ample 
margin to prevent such a misfortune in the case of any individual com- 
pany, and I do not believe that eight per cent, of the insurance value con- 
stitutes any such margin. 

As to the erroneousness of the basis of the Massachusetts surrender value 
law, it seems to me that legislation should take account of the actual con- 



XCV1 REPORT OF THE 

ditions under which a beneficent business has grown up and become pros- 
perous, and should not undertake to interfere, radically with the existing 
methods of conducting such a business. Mr. Elizur Wright's surrender 
value rule, which consisted in deducting from the reserve a " surrender 
charge " equal to a fixed percentage of the " insurance value,' 1 corresponds 
with his theory as to the proper way of paying for the procuring of new 
business, namely, that the compensation should be based on what he termed 
the " insurance value." These two provisions should go together, and if, 
as a matter of fact, the companies do not base their compensation for new 
business on " insurance values," they should not be required to base their 
surrender values on reserves less a percentage of " insurance values." 

Further, it seems to me that the legislature should not forbid experiments 
of various kinds in plans of insurance which are intended to and may have 
beneficent effects. It is undoubtedly to the advantage of the community 
that as many as possible of the producers should insure their lives, and 
should continue to pay the premiums on policies once taken out. Various 
plans for offering inducements to producers to insure and to persist in re- 
maining insured have been put into effect by different companies from time 
to time. Some of these plans have involved something of the nature of a 
fine inflicted on those who discontinue their insurances, for the benefit of 
those who persist. It seems to me that there is nothing wrong in this 
principle, and that the legislature should not adopt any rule which forbids 
its operation. 

[Mr. Archibald A. Welch, Actuary of the Phcenix Mutual Life Insur- 
ance Qompanyi\ 

The Massachusetts law for securing surrender values has always seemed 
to me inequitable and unsafe : inequitable, because the surrender charge 
described does not in any way represent the true or even the relative meas- 
ure of loss occasioned by withdrawals from a company ; unsafe, because 
the right to withdraw practically at any time on so small a forfeit is liable 
not only to work harm to a strong company, but to prove a most serious 
menace to any company which may happen to be in temporary embarrass- 
ment. 

It cannot be denied that the loss resulting to a company from the with- 
drawal of a risk is not represented by any portion of its so-called " insur- 
ance value " alone, however that may be figured ; and any law which leaves 
out of the question entirely the possible loss from sudden and unexpected 
withdrawal of funds, or from the stoj}page of an annual contribution to the 
expenses, cannot be an equitable one. 

In your last report to the legislature you clearly outlined this defect in 
the present law, and Mr. Homans in his admirable paper referred to in your, 
letter has ably shown its weakness in this respect. 

On one point only would I dwell a little in detail ; that is, the advisability 
or possibility of defining any arbitrary surrender charge which will be just 
and equitable to all policy holders and all companies at all times. 

If men were mere machines, who could be counted on to act always in one 
way under any given condition, the matter could be easily arranged. But 
life insurance, in so far as it has to deal with men's will, judgment, self-inter- 



INSURANCE COMMISSIONER. XCV11 

est and generosity, is an art and not a science, and art can be circumscribed 
only by very broad and general laws. If a life insurance company is 
affected in a threefold manner by a withdrawal, the actual loss sustained 
from a withdrawal will vary with each individual company, depending on 
the premium loading, the character of the risk, the cost of securing busi- 
ness, the rate of interest realized, etc., — conditions which are never the 
same in any two companies. If the law should govern withdrawals in any 
respect, it should name only a certain maximum surrender charge which 
would be much in excess of the ordinary requirements for safety. Business 
expediency and competition will regulate the charges which the various 
companies will make, so that the policy holder will receive his just due. 

While it may be wise for the law to demand annual values in event of 
withdrawal, it should not require the companies to give them in anything 
but paid-up insurance. I need not take time and space to explain the pos- 
sible danger which may arise from the universal right to secure a cash 
value at practically any time at a minimum amount of forfeit. If cash 
values must be enforced by law, it should be only at intervals of ten years, 
or five years at the shortest. 

Savings banks which are not required by law to earn any fixed rate of 
interest are not debarred from making rules and regulations regarding the 
sudden and unexpected withdrawal of deposits. Why, then, should life in- 
surance companies, which are compelled practically to earn a certain rate 
of interest on their assets, and whose debt to the public is not measured 
alone by savings bank deposits, — why should such institutions, with largely 
increased responsibilities, be forbidden to make such rules and regulations 
in their contracts regarding the rights of retiring members that may seem 
to their managers expedient for the safety of the companies ? 

Here again competition will prove a safe governor, and retiring members 
will be able to secure their deserts. In fact, at present it is the retiring or 
contract-breaking member, and not the persistent and contract-keeping mem- 
ber, who is receiving the lion's share of legislators 1 attention. Is not the 
persistent policy holder deserving of some champion who shall explain to 
legislators the rights to which he is entitled, and the losses to which he 
may be subjected by too great generosity shown to retiring members ? 



[Mr. C. A. Loveland, Actuary of the Northwestern Mutual Life Insurance 

Company.~] 
I have long been of the opinion that the surrender value law of Massa- 
chusetts, as commonly interpreted, and based wholly upon insurance values 
as defined in the law, fails to do justice or afford the necessary protection to 
the companies affected by it, as was admitted when the (inadequate) five per 
cent, clause relating to endowment policies was enacted ; and the recent 
repeal of that clause I believe to have been contrary to the real interests of 
those having insurance in Massachusetts conrpanies. Equity to the retiring 
members of a mutual company should not be permitted to conflict with jus- 
tice to the continuing members ; and I cannot avoid the conclusion that such 
conflict will exist so long as surrender charge is based wholly upon such 
insurance value. 



XCV T 111 REPORT OF THE 



[Mr. Israel C. Pierson, Actuary of tlie Washington Life Insurance 

Company."] 

I was very much interested in the portion of your last report on the sub- 
ject of non-forfeiture and surrender values, which you treated at length, and 
in a manner rational, fair and judicial. In that you have included my views 
on the subject, so that, since there is not at my disposal the opportunity to 
write at length in elaboration of these views, it seems unnecessary to do 
more than to reply briefly. 

Since the measure of the liability of a company under a policy is the 
reserve or value, that is the thing to be surrendered, and should be the 
principal basis on which to establish the surrender value. Then, under ex- 
isting conditions and methods, without considering or discussing details or 
repeating the reasons stated in your last report, and others which are famil- 
iar, it is my opinion that the surrender value of a policy should ordinarily 
be a percentage of the reserve. It should be a small percentage in the 
early years of a policy and an increasing percentage as the policy grows 
older. It might Avith reason be a larger percentage for paid-up insurance 
than for cash, and no surrender value should be given until at least three full 
annual premiums shall have been paid. Under an ordinary life policy this 
percentage should not be more than forty per cent, of the reserve at the 
end of the third year, and running up to seventy per cent, of the reserve on 
an annual dividend-paying policy. If the age of the insured is approach- 
ing the end of the mortality table, the policy should be treated as an endow- 
ment approaching maturity. 



[Mr. John B. Lunger and Mr. John K. Gore, Actuaries of the Prudential 
Insurance Company of America^ 

We feel that nothing can better subserve the interests of the policyholder 
than the natural law of competition. The surrender values of companies 
working under the New York non-forfeiture law are an excellent illustra- 
tion of this principle, being far in excess of the minimum values provided 
by that law. 

Although all are agreed to-day that there should be a definite charge for 
failure to complete promised payment of premiums, there is no insurance 
company doing business in this country that does not show a disposition to 
grant its policy holders an equitable surrender value in case of withdrawal, 
and the inevitable law of competition makes that surrender value as high 
as possible consistent with safety. 

In our opinion, no legislation is necessary in this direction, as established 
practice has fully settled the question. If there is to be legislation, how- 
ever, we feel that it should fix the minimum surrender value, rather than 
the maximum, that can be allowed by the companies. 



INSURANCE COMMISSIONER. XC1X 



[Mr. Aug. F. Harvey, Actuary Missouri Insurance Department^ 

The " insurance value " of a life insurance contract is derived altogether 
from defined future conditions which are not at all certain to obtain. If 
there was any way possible by which a policy holder could be compelled 
to keep his contract alive to its maturity by death or time, there might be 
sufficient excuse for looking to future conditions (fixed, except as to the 
probability of death) to determine elements on which to predicate a change 
of status in the contract. And even then there would be presented the 
necessity of doing what was done by Professor Wright, — the making of 
the surrender charge, by an arbitrarily chosen and uniform rate applicable 
to all cases, and which does not conform at all adequately to the reason 
given for any such charge at all. 

But such compulsion cannot be had. It would subvert the glorious privi- 
lege Americans enjoy of being " twisted " from one company to another. 
Hence the feasibility of predicating a change, under any non-forfeiture 
theory, upon prospective conditions, may well be doubted. Such modifica- 
tions should be made upon ascertained present conditions. It is doubtful 
also whether the net premium reserve or net value at date of change of 
status should be the basis. A retrospective gross valuation should be re- 
sorted to, to give the policy holder his just due ; that is, to ascertain his 
present and fair share in the distributive funds of the company — reserve 
and surplus — by building upon the gross premiums received an actual 
interest accumulation, and reducing by expenses, dividends and actual death 
claims paid ; and then make a surrender charge, not at all for the pur- 
pose of replacing the risk nor for reinstating vitality withdrawn, but purely 
as a penalty for violation of contract, — somewhat as the best building 
associations do when members withdraw immature shares. 

However, amended methods are not in question, — the Massachusetts 
method is. The theory that the out-going member withdraws vitality is 
only true when his lapse or proposed surrender takes place well within the 
period of selection, — say within four or five years from entry. Even then 
it is very doubtful that in a progressive company the total vitality is dis- 
turbed to an appreciable degree. In a sinking concern the withdrawal of 
healthy lives will doubtless make a material disturbance, but in such case a 
healthy replacement cannot be obtained. 

As to the idea that a charge of eight per cent, of the insurance value will 
go to paying the cost of replacing the risk, it is idleness itself. Agency 
greed on the one hand, and the desire of company managers to beat each 
other in new business, has compelled a system of exorbitant commissions 
that the eight per cent, surrender charge cannot possibly reach. 

The system is also tending to force companies that want to be conserva- 
tive and economical to acquiesce in the new extravagance, or go to the wall. 
And the ordinary scales of premiums are not sufficient to let such companies 
pay the increase of commissions necessary to compete with their crazy 
neighbors. A wholesome State pride in the perpetuation of the stanch 
companies of Massachusetts ought to impel the legislature to give them 
some advantage in a modification of the non-forfeiture laws, by which less 



C EEPORT OF THE 

consideration shall be shown the members who wilfully abandon their con- 
tracts, and more consideration given to the companies in their efforts to get 
new business and to the policy holders who' persist. 

There is an objection to the Massachusetts system which from a business 
stand-point seems sound. The shorter the endowment term, the less the 
surrender charge ; the larger the reserve, the greater in proportion the sur- 
render value. From the policy holder who has least, the most shall be 
taken away ; from him who has most, the least shall be given to fill the 
vacancy. The ordinary life policy may take out the largest amount of dis- 
counted " future normal costs ; " but the endowment takes out the largest 
basis of interest accumulations, and pays the least penalty. The following 
table illustrates the inequity : — 



Policies Issued at Age 32. — Status End of Tenth Year. 



■ 
To Mature at — 


Reserve 
4 Per Cent. 


Surrender 
Charge. 


Surrender 
Value. 




$117 34 


$17 52 


$99 82 




130 75 


13 71 


117 04 




148 00 


11 33 


136 67 




178 38 


8 73 


169 65 




228 62 


6 15 


222 47 




310 75 


3 76 


306 99 




450 06 


1 69 


448 37 




710 69 


25 


710 44 



I have a general objection to the Massachusetts non-forfeiture law, which 
applies also to the law in Missouri. Without going into detail, I have only 
to say that it does not seem to be good public policy for any State to pre- 
scribe any form of surrender value whatever. It is taking away from the 
company its right, which the law has already granted, of prescribing its 
own contract It offers the public its forms, and the people are at liberty to 
buy. But in Massachusetts and Missouri the law says to the company that, 
having once signed a contract voluntarily taken by a citizen, upon your 
own terms, when he gives it up upon his own motion you shall change the 
agreement to another, with the terms of which you shall have no choice. 
It is paternalism of a very vicious sort. 

I grant that every policy holder has an inherent right to his share of the 
funds of the company, and also that he is justly chargeable with a fine for 
violating his contract. But it is the privilege, right and duty of the com- 
pany to fix that fine or penalty, to the same extent that it had the privilege, 
right and duty at the beginning to compute its table of premiums to secure 
uniformity and equity among its members. Actuaries know better how to 
do these things than do legislators, and competition between companies, as 
well as honor in the profession, will do more to secure just treatment of 
retiring policy holders than all laws possible to be made. 



INSURANCE COMMISSIONER. CI 



[Mr. Joseph H. Sprague, Actuary."] 

As regards the proper basis of surrender charges, you will find my views 
pretty fully set forth in a paper read before the Actuarial Society of Amer- 
ica, at their meeting in Boston in October, 1892, a printed copy of which is 
enclosed herewith. Nothing has appeared since to change the views then 
presented, as to the true basis on which to found surrender charges. One 
paragraph of half a dozen lines (on page 7), relative to cash surrender 
values, I have struck out as ill considered, as well as based on the hasty and 
erroneous interpretation of the statute. By surrender value is meant, both 
in that article and this, not cash value, but value applicable to the purchase 
of single-premium assurance. And what is said there as to the surrender 
value of premium-paid policies is of no practical importance, save in the 
case of a policy holder wishing to exchange his policy for some other form 
of contract. In the general case there is no occasion for the surrender of a 
premium-paid policy. 

No State should require life assurance offices to pay cash surrender 
values. True public policy calls on the government for the protection 
of those who remain faithful to their contracts with the company, rather than 
those who break and surrender them. All that the highest equity calls for 
is that the latter class be fairly settled with, in premium-paid assurance. 
To compel cash payments on demand is, in practice and in substance, to 
legalize the damaging and possibly ruinous impairment of the obligations 
of contracts. 

Let an instance illustrate. In the year 1871 there was a prominent and 
excellent fire insurance company in Philadelphia, which had a large line of 
" perpetual " insurance. By the terms of the perpetual policies the holders 
could at any time surrender them and withdraw ninety or ninety-five per 
cent, of their cash deposits. These deposits were in each case eight or ten 
times the annual premium, and losses were provided for by the interest 
derived from the invested deposits. The Chicago conflagration ensued; 
and, although the company could easily have borne its loss by fire, yet 
when the perpetual policy holders en masse demanded their deposits, to the 
extent of $1,000,000 or so, it was compelled to shut up shop, — "perpet- 
ually." Here was no impairment of contract obligation, but the result was 
the same as if there had been. A similar danger, like the sword of Damocles, 
overhangs life assurance companies required to pay cash surrender values 
on demand. Competition will induce companies to offer all the cash values 
that prudence will allow, and even more. Indeed, it would be better, both 
for them and the great body of policy holders, if none were allowed. 

What follows, then, relates to surrender values to be applied to the 
purchase of prepaid assurance. The Massachusetts law rightly fixes the 
surrender charge as a percentage upon the " present value of all the normal 
future yearly costs of insurance which by its terms said policy is exposed 
to pay in case of its continuance." It is sufficient to say that Professor 
Wright's " insurance values " are not the values of the normal costs which 
the policy must pay if continued, as was first pointed out in the printed 
paper accompanying this. The normal costs which the policy must pay if 
continued are the present value of the future net premiums. You will see 



Cll REPORT OF THE 

this set out more fully in the paper just alluded to. At the date of issue 
of a policy the net single premium is the normal cost of the benefit, what- 
ever the kind of policy it may be ; and at any future period the normal 
costs for the remainder of the term (which the policy is to pay) are the 
value of the net premiums remaining to be paid. If the premiums are all 
paid, there are no future normal costs for the policy to pay ; they have all 
been paid, and their present value is included in the reserve. To fix the 
office premium, there is added to the net premium a margin sufficient to 
cover both expense and profit. Keeping in view that the net premium is 
the cost premium, and that its accumulated interest is a part of the cost, it- 
will be seen that the office derives no profit from the net premium, — the 
profit is in the margin. Now, taking the single net premium for any kind 
of policy, whether life, shorter term, endowment, endowment- assurance or 
deferred annuity, — it matters not, — and considering all the circumstances 
as to age of the assured, length of term and kind of policy, as well as the 
amount of same, it is quite easy to say what percentage of such single net 
premium, if then realized, would afford a fair and reasonable profit to the 
office. Whatever that percentage of the single premium, the same rate, 
applied to the annual, limited or more frequent premium, as paid, yields 
the proper proportionate part, with interest and benefit of survivorship. 
This rate, then, is the one to apply, in case of surrender, to the value of the 
future net premiums, as a surrender charge. Deducting this charge from 
the reserve, we have the surrender value. 

The principle underlying this method is a very simple one. It is that the 
office is entitled, on surrender of the contract, to its unrealized or future 
profits, discounted for time and decrement. There is no more difficulty in 
applying it justly to endowment assurances, deferred annuities or simple 
endowments than to any other class of benefits contingent upon the dura- 
tion of human life. When all premiums are paid, all profits are realized 
and the equitable surrender value is the reserve. 

An endowment assurance is a double insurance, payable whether the 
nominee lives or dies. The endowment part is an assurance, just as much 
as the term part is, and the net premium for that part is the actual cost of 
the endowment. The office is entitled to a reasonable profit on this part as 
well as on the other. Taking the single net premium for the double bene- 
fit, and considering the number of years the policy is to run, the size of the 
policy or premium and the age of the assured, it is a very easy matter to 
say what percentage of such net premium will provide a reasonable profit 
for the office. Such percentage will be the proper rate, at any time in the 
policy^s duration, to apply to the value of the future net premiums in 
order to get the surrender charge. Throughout the entire duration of the 
policy this rate remains constant, and brings out the value of the future 
profits corresponding to the whole profit contemplated at the beginning 
(see paragraph at top of page 11 of the accompanying paper, for illustra- 
tion) . 

Different kinds of contracts require different rates of surrender charge. 
What would be a proper rate on a policy for the whole of life would be 
entirely improper to apply to a ten-year endowment assurance, and long 
endowment terms require different treatment from short terms. Then the 



INSURANCE COMMISSIONER. Clll 

a^e at entry needs to be considered in connection with the length of the 
policy term. Also the amount of benefit seems to require attention. A 
policy for $100,000 is no more trouble or care to the office than a policy for 
$1,000 ; and it is unreasonable that the former should be charged a hundred 
times the profit laid upon the latter. One may be considered as wholesale 
dealing, and the other as retail ; and, as in ordinary trade, the percentage 
profits should differ. Or a maximum limit of charge might be fixed. These 
matters of detail require judicious adjustment; and any uniform rate of 
charge for all classes of policies is very unjust to both the parties in inter- 
est. Therefore I think the Massachusetts law, setting up eight per cent, as 
the uniform and unvarying rate, is the reverse of equity. The rate should 
be graded, and made to apply to the value of the future net premiums, and 
the surrender value settled in paid-up assurance. 

Professor Wright's method of dealing with endowment assurances, 
allowing nothing in the way of compensation to the office out of the endow- 
ment portion, seems to me a mere vagary, unsupported by reason or sound 
sense. Nor do I see any need of separating the term assurance from the 
endowment. Both are assurances, only the contingencies on which the pay- 
ment of the benefit depends are opposite. All that is needful is to determine 
what is a reasonable rate of surrender charge on the value of the future net 
premiums of the double contract. This method is more accurate and far 
more convenient than to make a double computation, by separating the con- 
tract into its two component parts and making a separate computation on 
entirely different bases. Indeed, this method, as proposed by Mr. Romans, 
seems impracticable, for the charge would be no fixed rate upon the future 
premiums, but would vary in rate with every year's duration of the policy. 
It is open, however, to the more serious objections that it is entirely arbi- 
trary, devoid of sound fundamental principle and quite inequitable in its 
application. If you turn to Table No. 6, in Mr. Homans' paper, read at the 
Insurance Commissioners' Convention, you find that the surrender charge 
on the endowment portion is smallest at the end of the first year, when it 
should be largest ; and when the term has half run, and half the profits 
have been realized from premiums paid, the term of the so-called " pure 
investment " having half expired, the charge is more than three times as 
great as at first. This is palpably wrong. An equitable surrender charge 
will be largest at the outset, and will diminish by gradual steps to the end 
of the term. The error pointed out arises from dealing with reserves 
instead of net future premiums. 

The law of New York, which authorizes a surrender charge of one-third 
the reserve, is the height of absurdity. By it, the longer a policy's dura- 
tion, and, consequently, the larger the portion of the total profits realized 
by the office, the larger is the surrender charge. If an endowment-assur- 
ance policy for $1,000 has so nearly reached maturity as to have a reserve 
of f 900, the surrender charge would be $300, whereas a reasonable charge 
would not exceed $10. The reserve and the value of future net £>remiums, 
at any date, are the complementary parts of the net single premium. The 
law of New York deals not with the proper part, but with its complement. 

The law of New York, relative to fire insurance companies, which makes 
return-premium claimants preferred creditors, as respects loss claimants, is 



CIV REPORT OF THE 

damnable. In case of a Chicago conflagration, all that the sufferers can 
get at is the capital and surplus, which may be but a small part of their 
combined loss ; whilst policy holders who have sustained no loss by fire 
are paid their pro rata return premiums in full. Thus, in Bible XDarlance, 
" to him that hath shall be given, and from him that hath not shall be taken 
even that which he hath." 

To recapitulate: I believe (1) that the State ought not to compel the 
payment of cash surrender values to retiring policy holders, because such 
requirement is damaging, and may be ruinous to those who remain faith- 
ful to their contracts ; (2) that all the strictest equity calls for is the allow- 
ance of surrender values in the purchase of prepaid assurance ; (3) that the 
true basis on which to rate the surrender charge is the value of the future 
net premiums, which are " the normal costs that the policy is exposed to 
pay in case of its continuance ; " (4) that the proper rate per cent, can be 
most easily determined in advance by considering the net single premium, 
the length of the policy's term, the nature of the benefit (whether life, 
term or endowment assurance) , and what is a fair amount of profit there- 
on ; (5) that this rate, applied to the value of the annual or limited net 
premiums at any time remaining to be paid, will bring out exactly the 
corresponding value of the unrealized profits of the contract, which will be 
the proper surrender charge ; (6) that this rate will fluctuate widely for 
different policy forms, as well as for different terms or amounts under the 
same form, but for any particular policy will be constant throughout its 
whole duration ; (7) that any fixed or uniform rate for all kinds of policies 
is unjust to all concerned ; and (8) that the method I have developed fully 
answers the three requirements of equity named by you in your admirable 
annual report of last year. 



[Mr. Thomas Bond Sprague, Actuary of the Scottish Equitable Life Assur- 
ance Society.'] 

I have never had occasion hitherto to consider the subject of the late 
Elizur Wright's " insurance values," and their application to the calculation 
of surrender values. I note your statement " that the insurance value rule 
supposes and assumes that the pure life insurance part of the contract alone 
is that from which the other members of the company would be jDrofited by 
the continuance of the policy." This is a proposition to which I certainly 
cannot give my assent ; nor can I admit that the loading on any particular 
policy is an " entirely neutral " matter, " in which the other policies have 
no interest or concern." On the contrary, it seems to me that all the policy 
holders in a company have a direct interest in the loadings paid by their 
fellow members. If one of these withdraws, his contribution to the general 
expenses or management ceases, and he inflicts a certain injury on those 
who remain, for which they may justly claim a compensation. 

I am not at present satisfied that the so-called " insurance value " should 
enter into the calculation of surrender values in any way ; but, however 
this may be, there are other important considerations which should be care- 
fully kept in view. 



INSURANCE COMMISSIONER. CV 

In calculating the reserve to be made for any current policy, it is assumed 
that all the lives assured who are of the same age are in the same state of 
health, the probabilities of death depending only on the age ; and this is 
practically correct (at all events, for the lives that have been insured for 
more than five years), so long as we have to do with the general body ; but 
the assumption is no longer admissible when we have to do with individual 
lives assured, as in the case of a man who desires to surrender his policy. 
The general body of lives contains a number of men who are in bad health, 
some even on their death beds ; and the liability of the insurance company 
in respect of their policies is much greater than the reserve made for them 
in the ordinary way. It follows that the liability in respect of a policy on 
a life that is still in good health is less than the reserve made for it in the 
ordinary way. The liability in respect of such a policy can be calculated 
by means of the tables contained in the book lately published for the Insti- 
tute of Actuaries by C. & E. Layton, London, and entitled " Select life tables 
deduced from the Institute of Actuaries 1 experience." 

In calculating the surrender value of a policy, it is right to assume, un- 
less the contrary is proved, that the life assured is in good health ; and the 
surrender value should therefore not be based on the average reserve cal- 
culated by the ordinary tables, but on the smaller reserve calculated on the 
supposition that the life is in good health, 

I am also of opinion that, in calculating the reserve for a policy, allow- 
ance should be made for the expense of obtaining new business ; and the 
reasons for this opinion are stated in my paper submitted to the Brussels 
Actuarial Congress. 

My final conclusion, then, is that the surrender value of the policy should 
be based on the estimated liability, calculated (1) on the assumption that 
the life assured is in good health, and (2) after making allowance for the 
expense of obtaining new business ; and that (3) a deduction should be 
made, to compensate the continuing members for the loss of the withdraw- 
ing member's contribution to general expenses. 

I feel that I have dealt very inadequately with the important questions on 
which you have invited my opinion ; but it would take more time than I can 
spare to treat them fully, and I trust that the above remarks will be of 
assistance to you in the further consideration of the matter. 



[Mr. W. A. Marshall, Actuary of Home Life Insurance Company.'] 
Referring to your circular inviting an expression of opinion as to the 
insurance value basis of surrender charges, etc., allow me to state that it 
would be impossible to more comprehensively and satisfactorily set forth 
the arguments which affect the question of cash surrender values than you 
have done in your last report to the Massachusetts legislature, and which, 
in my opinion, are conclusive reasons why there should not be any arbitrary 
or fixed standard to determine cash surrender values. It appears to me 
that the security and perpetuity of a company should be of paramount im- 
portance, and laws should not be enacted which would make it impossible 
for the company to properly protect its interests in times of panic, distrust 
or misfortune. 



CV1 BEPOET OF THE 

The question of dealing equitably with a retiring member can safely be 
left to honest competition. It is well known that there are companies 
operating outside of Massachusetts, and not amenable to the statutes of that 
State, that have voluntarily issued policies with more liberal values to early 
retiring members ; and, while it may be more or less experimental, it is 
within the power of the management to modify the values upon future pol- 
icies if the security of the company is likely to be jeopardized. That which 
one company can safely do another may not for various reasons be able to 
do at the same time without inflicting an injustice to its persistent members. 

I believe it can be demonstrated that the surrender values voluntarily 
paid will compare favorably in many instances with those compulsorily 
paid by companies under the Massachusetts law. In my judgment, the ex- 
isting law fixing the values of policies in Massachusetts companies does not 
sufficiently indemnify the companies on all classes of policies for the loss 
sustained by early withdrawal of vitality ; and, while I am unable to detect 
any error in the application of the present rule for determining such values, 
I do not consider that the arbitrary assumption of eight per cent, of the 
future yearly cost of insurance fully reimburses the company on account of 
adverse selection, the loss that may occur by disturbing investments and 
the cessation of the contribution to necessary expense of management. 

The proper legal surrender value, in my opinion, should be paid-up in- 
surance, the minimum amount of which should be fixed by law, so that equal 
justice to the company and the members will be assured. 



[Mr. W. T. Standen, Actuary of the United States Life Insurance Company."] 

Some years ago several companies issued deferred-dividend policies, 
under the exacting terms and conditions of which all equity in the reserve 
became forfeited in the event of failure to make any premium payment. 
This harsh and rigid condition has practically been abandoned for the past 
ten years or more, and it is beyond doubt that certain healthy phases of 
competition brought about that abandonment. This fact is significant, 
taken in connection with the additional fact that certain assessment associa- 
tions, issuing certificates or policies calling for payments which included 
something more than the current cost of insurance and contribution to ex- 
pense account, voluntarily submitted to the manifestly just course of recog- 
nizing that a reserve value inhered in such contracts. The history of such 
results as these, due entirely to competitive influence, would seem to indicate 
that further extensive legislation, aiming to protect the equities of the in- 
sured, is not necessary ; but that competition alone, and absolutely unaided 
by any legislative enactment, may be, and doubtless will be, in the future 
entirely sufficient to secure these equities from disregard or violent assault. 

The universal provisions for equitable surrender values, which have 
resulted from the keenness of competition between the life insurance com- 
panies, would indicate to me that it is not necessary that definite legislation 
on this subject should go any further than to determine the minimum equity 
which the insured can claim in a forfeited contract which had been in force 
long enough to have indemnified the company issuing it for its original 
cost. If legislation establishes such a minimum, after paying due regard 



INSURANCE COMMISSIONER. CV11 

to the interests of the companies as well as to the interests of the insured, 
competition alone can be fully depended upon to secure for tne insured as 
much more than that minimum as fair and conservative business methods 
and practices will justify. 

After determining such a minimum equity, I think it would be much more 
pertinent for legislation to forbid an invidious discrimination among policy 
holders than for it to determine how far companies shall go beyond such 
established minimum. I will endeavor to show wherein such an invidious 
and unjustifiable discrimination is now practised. 

Most companies issue ordinary life policies, which, after three years, pro- 
vide in case of forfeiture for a paid-up policy which can be purchased by 
sixty- six and two-thirds, seventy, seventy -five per cent., or even a larger 
percentage of the reserve. The final adjustment under such policies gives 
the companies a fixed and determined surrender charge, ranging all the way 
clown from thirty-three and one-third per cent. They also issue ten, fifteen 
and twenty payment life policies, which provide in the event of lapse for 
paid-up policies of as many tenths, fifteenths or twentieths of the original 
amount as there have been full years' premiums paid. Practically this 
method gives a paid-up policy which it requires one hundred per cent, of 
the reserve to purchase, and in a few exceptional cases it may even be seen 
that the entire reserve is not adequate to fulfil its functions. 

I believe this course to be inconsistent and wrong, and that there is no 
principle of equity upon which we can justify the making of a surrender 
charge against the holder t>f an ordinary life policy, if we make absolutely 
no surrender charge whatever against the holder of a limited-payment life 
policy, — setting entirely aside those few cases in which such paid-ups are 
issued at an actual loss. 

For years I have regarded this practice as one of the contradictions, one 
of the anomalies, one of the wzequities of life insurance, — something clearly 
wrong and utterly indefensible, because it is a manifest discrimination 
against the men who contract to continue premium payments to us so long 
as they live, — the holders of ordinary life policies. Such men I regard as 
the bone and sinew of a life company. 

As a matter of fact, the question as to what should constitute the maximum 
surrender equity is complicated by a great many considerations which grow 
out of the condition and progress of each individual company, and of the 
generally prevailing conditions and environments of business. This fact 
shows in the diversity of opinion which exists among the authorities that 
have inspired the non-forfeiture statutes in the different States ; and from 
this I infer that the adoption of a maximum basis of surrender value for 
all forms of policies and for all companies, under all changing circum- 
stances and conditions, must be inequitable and therefore inexpedient. 

It should not be a very difficult thing to determine whether any given 
company is treating its policy holders justly, or not. A careful investiga- 
tion of the items which go to make up the analysis of loss and gain in sur- 
plus will very clearly show whether or not unfortunate retiring policy 
holders are treated in a spirit of justice and equity. If they are not, com- 
petition would at once proclaim the guilty companies throughout the length 
and breadth of the land, and in no uncertain tones. 



CV111 REPORT OF THE 

As a matter of fact, if a minimum surrender equity be established, it 
would seem to me that even current changes in the conditions which environ 
the business generally should exercise some influence in the determination 
of the maximum amount which could be allowed. If we take it for granted 
that it is necessary or advisable to do a certain amount of new business in 
order to inject the necessary amount of new blood into the average of our 
risks, then general business conditions are a matter of vital moment to us ; 
and the more difficult it is to secure the necessary volume of new business, 
the greater penalty should be imposed on those who may insist upon with- 
drawing. I would not contend that this should be a one-sided argument ; 
on the contrary, I believe that, when general business conditions are such 
that the writing of a satisfactory amount of new business is easy, surrender 
equities should approach closer and closer to the limit of one hundred per 
cent, of the reserve. 

With every respect for the eminent abilities of the Hon. Elizur Wright, 
who during his lifetime accomplished so much for which the insurance 
profession is even now indebted to him, I have nevertheless always been of 
the opinion that his advocacy of a uniform percentage of the future normal 
costs of insurance as a surrender charge, to govern all companies, under all 
forms of policies and under all varying conditions and exigencies, was a 
most regrettable error, — although it is beyond dispute that he struck the 
key-note which encouraged competition along the line of the greatest pos- 
sible equity to the insured. 

As an actuary of nearly twenty-five years 1 experience, I am fain to con- 
fess that I regard the determination of a truly scientific basis of treatment 
of retiring policy holders as a most difficult problem ; I fail to see how any 
cut-and-dried rule can be laid down, that is to fit all cases and justify itself 
under all possible conditions and in all possible exigencies ; therefore the 
summary of my opinion is, that the truest function of legislation will be 
found in the adoption of an equitable minimum surrender value, leaving 
the rigid law of competition and prevailing business conditions to carry the 
companies as far beyond that minimum as conservative and proper busi- 
ness methods will justify. 



[Mr. Sheppard Homans, Consulting Actuary.] 

On reflection, I have concluded that a reply to your circular of November 
13th ult. might be useful, notwithstanding that I had already, at your re- 
quest, written at some length upon the subject. 

There are two methods by which the equity of a policy holder who 
desires to terminate his contract may be determined: (1) By deducting 
from the net theoretical reserve a margin or surrender charge sufficient to 
guard against possible adverse contingencies, present and future. This 
may be termed the prospective, or theoretical, method. (2) By deducting 
a similar surrender charge from the difference between the premiums (and 
interest thereon) actually received upon the policy, and its equitable shares 
of expenses and death claims as determined by actual experience. This 
may be called the retrospective, or practical, method. It may also be 



INSURANCE COMMISSIONER. C1X 

called the common-sense method. No company should be compelled by its 
own promises, still less by legislative compulsion, to pay a larger sum to a 
policy holder on surrender of his policy than it has been able to retain from 
his own previous payments, after deducting a fair surrender charge for the 
possible damage upon remaining members occasioned by his withdrawal, — 
such as you have so well pointed out in your last annual report. Any such 
excessive payment would necessarily be an injustice to remaining policy 
holders. 

The life insurance companies of Massachusetts are all practically mutual ; 
that is to say, all their assets and surplus belong exclusively to the old or 
existing policy holders, and are managed for them by trustees and officers 
of their own selection. 

It goes without saying that in mutual life insurance companies the trus- 
tees or managers, when considering the terms upon which new members 
may be admitted or upon which the policies of existing members may be 
purchased, should have due regard to the safety and interests of the faith- 
ful, persistent policy holders. In other words, when deciding upon the rate 
of expenses justifiable in securing new business, due regard should be had 
to the effect of early discontinuances upon the interests of those who remain. 
Also, in deciding upon the amount which may be paid or allowed on the 
surrender of any policy, due regard should be had to the safety and inter- 
ests of the old members. 

It is a well-known fact that the expenses necessary to be paid in order to 
secure new business exceed, in all companies, the margins on first year's 
premiums. In fact, the first year's expenses and the first year's death 
claims in each Massachusetts company, and in almost every other company 
at home or abroad, absorb the entire first year's premiums, leaving abso- 
lutely nothing for the theoretical first year's net premium reserves. It fol- 
lows, then, that such theoretical net reserves must be provided from the 
general funds belonging wholly to older members, and supposed to be held 
in trust for them exclusively. Hence, if any portion of this purely theo- 
retical but mythical net reserve at the end of the first year is allowed or 
paid as a surrender value, the amount so paid or allowed must be taken 
from funds belonging to the faithful, persistent members, who to that ex- 
tent would be defrauded. This cannot be justified. 

Under the present non-forfeiture laws of Massachusetts, a serious dis- 
crimination is made in favor of members who seek to terminate their con- 
tracts and against those who remain with the company and are faithful in 
the performance of their promises. Such discrimination can scarcely be 
justified on any legal or moral grounds. 



[Mr. Charlton T. Lewis, Actuary.'] 
Your circular letter of Nov. 13, 1896, asking for an opinion on the surren- 
der value law of Massachusetts, reached me in Vienna too late, as I sup- 
posed, to be answered in time for your purpose ; but, at the request of 
friends who wish that the views of all students of the subject be laid before 
you, I venture even at this much later day to suggest some considerations 
which have great weight in my mind. 



CX REPORT OF THE 

The author of the law in question avowed its principle to be that a maxi- 
mum surrender charge should be prescribed sufficient to pay for securing a 
new contract to replace the policy lost ; and this cost seemed to him on the 
average to be fairly represented by a small percentage, say eight per cent., 
of the theoretical contributions to death losses which the lost contract might 
make. Two questions, therefore, arise : first, whether the principle is rea- 
sonable and just ; and, second, whether the estimate of the probable cost of 
replacement is adequate. The first question, it seems to me, cannot seri- 
ously be answered in the affirmative by any person who will look beyond 
phrases and appreciate facts. The so-called principle is merely a plausible 
form of words, with no possible relation either to the law of contracts or to 
the conditions of business. Its true nature comes to light when we suppose 
it to be applied to other contracts than life policies. It is a common prac- 
tice for purchases of houses, lands, merchandise, franchises or services, to 
be made by contracts stipulating for a payment in hand, " to bind the bar- 
gain, " and for subsequent payments to perfect the purchaser's title. A 
general law may be imagined providing that in every such case the pur- 
chaser may at any time give up his contract and recover the earnest 
money, any stipulation to the contrary notwithstanding, on leaving with the 
seller a sum computed by some fixed rule, and designed to meet the cost of 
induciug somebody else to make the purchase. Such a law would com- 
pletely embody the so-called " principle, " but it is hardly necessary to dis- 
cuss its absurdity. ISIo degree of prescience will enable a law-giver to 
foresee, in any class of contracts or in any single instance, with tolerable 
approximation, what inducement will secure a substitute of equal value. 
A rule of thumb enacted in advance for determining the pecuniary amount 
of this inducement in every case, under the varying circumstances of the 
markets and of individuals, would be the supreme expression of theory run 
mad. 

There is, however, no class of contracts for which such legislation would 
be less appropriate or less reasonable than for life insurance policies. The 
motive for most business agreements is pecuniary gain, and the amount of 
gain in prospect is commonly susceptible of some estimate in figures. But 
the motive for insuring one's life is the protection, or at most the gain, of 
others through one's own loss, and the force or weight of the inducement 
cannot be appraised in money, — it is a matter of individual sentiment, 
affection, prudence and ability. Even if a rough average estimate could be 
made of the cost to a company of finding a certain number of substitutes in 
a particular year, under the present attitude of the public mind towards the 
business, in a given state of general prosperity and for a company of a cer- 
tain strength and popularity, yet no such estimate could be expected to 
correspond with the conditions of any future year. These considerations 
show that the avowed " principle " of the law has no scientific or reason-, 
able basis. To define beforehand by a formula what it will cost to replace 
a violated contract is to disguise a worthless guess in technical and impos- 
ing language. The method of computation prescribed by the law has no 
relation whatever to the problem to be solved, and the same proposition, if 
it were put into the ordinary speech of men and made intelligible to the 
minds of the law-givers who enacted it, would be recognized by every one 
of theni as defective, and inappropriate to its avowed purpose. 



INSURANCE COMMISSIONER. CXI 

It is still conceivable that a rule of computation which fails to express 
the conditions of the problem might give in the grand aggregate an ade- 
quate result, and might be justified by its definiteness and convenience ; 
hence the second question suggested above is pertinent. But it is a notori- 
ous fact of experience that the surrender charge allowed by your statute 
of 1880 and its several amendments during the last sixteen years, if adequate 
at that time to meet the actual average cost of new business, which per- 
haps no one believes, has since become more and more inadequate, and that 
every instance of its practical application is now, in fact, a tax levied on 
insurers who fulfil their contracts, for the benefit of those who break them. 
Every man who keeps his family protected, by insuring his life in a Massa- 
chusetts company, has to bear an additional yearly burden to help pay 
other men who no longer need insurance for forfeiting their agreements. 

But this question was answered so conclusively in your last annual report 
that little remains to be said. You have shown that the rule takes into 
account only one of several forms of loss which a company suffers from 
withdrawals. But it is worth while to observe, further, that this element 
of loss is not the most important. The actual contract between the assurer 
and the assured is an exchange of obligations ; the former promises a cer- 
tain payment at the death of the latter, and the assured promises to the 
company an annuity upon his own life. This annuity includes, indeed, his 
expected contributions to losses by death ; but these are precisely counter- 
balanced by its expected contribution to the loss by his death. Only the 
presumption that a withdrawing life on the average is better than the re- 
maining lives justifies regarding the withdrawal in this respect as an injury 
to the company. In other words, the insurance value to the company of 
an average member is precisely equal to the insurance value of the com- 
pany to the member. If both sides of the contract fall, they cancel one 
another. If, therefore, a surrender value is to be determined on the 
assumption which underlies most of the reasoning on the subject, that 
every member is an average life, the element of insurance value is wholly 
impertinent to the question. There is doubtless a selection against the 
company in lapses and surrenders, and this selection increases rapidly in 
importance with the numerical increase of withdrawals in times of business 
depression, or when confidence in a company is impaired. The result is 
obviously a disturbance of the balance in the case of forfeitures, between 
the insurance value lost to the company and that abandoned to it. The 
company loses in the aggregate a larger value in prospective contributions 
to other death claims than it gains by cancelling its obligations to pay these 
claims at death. This difference has a relation to the aggregate " insurance 
values" of the forfeited policies, and may conceivably be represented by a 
percentage on those values. But the percentage in question is variable, 
and dependent on conditions which cannot be foreseen, and subject to no 
known law. Clearly, then, " insurance value " is a term which has no 
relation whatever to proper surrender charge, except as this charge is a 
compensation for selection against the company. Even for those elements 
of loss, it is wholly unscientific to fix the compensation by an arbitrary 
percentage of the insurance value, — at least until the limits of the effects 
of such selection under all circumstances are determined. 



CX11 EEPOKT OF THE 

But the chief element of the company's loss by surrender, as you have 
clearly pointed out, is that part of the annuity upon the insured life called 
the loading. Every withdrawing member deprives his fellow members of 
his future contributions to expenses. For this loss the law in question 
gives no compensation. The agreement of the insured to pay every year 
of his life a certain sum for expenses and contingencies, an essential con- 
sideration for the insurance, is made by this law an empty form. He is 
authorized to break his promise at will At any time, by merely refusing 
to fulfil his agreement, he is released from obligations and becomes entitled 
to a substantial amount in cash. If governmental regulation seeks to dis- 
integrate the companies, to facilitate " raids " by unscrupulous agents and 
to weaken the sanctity of contract obligations in general, no statute more 
sure to promote these ends could easily be devised. 

If we consider the loading alone, assuming for the moment that there is 
no adverse selection, but that the average vitality of the company is not 
impaired by withdrawals, then an adjustment with the seceding member 
ought obviously to leave the company uninjured by his secession. The 
utmost which can justly be demanded is that he shall receive the money 
value of what he relinquishes, after deducting the value of the promised 
payments from which he is released. That is to say, if the single net 
premium for his insurance, at the time of default, is greater than the 
present value of the future premiums promised by his contract, the differ- 
ence, and no more, may be paid him without actual loss to the company in 
the particular case. This simple and obvious rule is founded upon prin- 
ciples of justice and of the common law applicable to every form of con- 
tract. Any compulsory surrender value in excess of this is a forced tax 
upon the members to pay a bounty upon desertion I am aware that this 
conclusion is at variance with current views It will be pointed out that it 
would recognize no surrender value in policies issued at the age of thirty 
until they have been sixteen years in force, while an insurer must be at 
least seventy years old in order that his contract may become valuable in 
the breach instead of the observance within the first three years. Such 
calculations only prove that a law fixing an arbitrary period, within which 
all policies alike shall become subjects of forced sale to the company, is 
inequitable in the degree of its favoritism to defaulters at different ages ; 
and that, in the case of a vast majority of policies, for cancelling which the 
companies are now compelled by law to pay, they would be far better off 
if they could secure the continuance of them by the same payments. The 
law requires them to purchase their own injury ; it imposes a tax upon 
those who keep their agreements, and scatters the proceeds, though blindly 
and with no regard for the appearance of equity, among those who break 
them. 

The causes of this anomaly in law and in public opinion lie deep in the 
history of life insurance. It is the only field in which the application of the 
doctrine of chances to human affairs has been so far perfected that its 
principles can be made plain to the common intelligence. The precision 
of its theory, the beauty of its fundamental reasoning, the accuracy of its 
predictions in the main, have fascinated students, and expositions of them 
have become favorite mental exercises with writers and readers. It is 



INSURANCE COMMISSIONER. CX111 

easy to understand and put together the bones which form the skeleton of 
actuarial science, and he who does this can hardly be persuaded that he has 
not before him the entire living body of life insurance as an institution But 
life requires more than a skeleton, and the knowledge that can fit dry bones 
together is not necessarily the creative power that can produce and vitalize 
the perfect organism. A legislative regulation of life insurance which is 
framed upon actuarial theory alone is a code of laws for the body, dictated 
solely by study of the bones. There is a system of organs for nurture, 
for respiration, for movement, which claim attention, but are forgotten. 
The abstract theory of life insurance, with its tables expressing the laws of 
mortality, with its inferences concerning premiums and aggregate reserves, 
is a noble achievement of modern research. As a guide to actuaries, and 
through them to business managers, in providing safeguards for their con- 
tracts and in securing equity among the insured, it is of vast utility and 
deserves admiration. But the fancy that the conditions and limitations of 
practical business can be shaped by rigid deductions from the theory is 
wild and mischievous. Attempts to enforce by legislation the extreme 
conclusions of theorists have been of late the bane of the most beneficent 
institution of modern society, and seriously threaten its usefulness. 

For example, when premiums are collected, after expenses are paid a 
definite portion must be accumulated to insure payment of policies at 
maturity, the rest being equitably distributed among the members. This 
accumulation is called the reserve, and it is a work of scientific precision 
to determine what amount of invested funds is needed for the purpose. 
This is only possible, of course, when the membership is so large as to 
make it certain that the law of average will apply to the mortality of the 
whole body. Without this large basis, the word reserve has no meaning. 
As a symbol or element in calculation, the actuary very properly assigns 
a certain share of the reserve as corresponding to each policy. That is to 
say, on ten thousand policies of like tenor and amount, issued at the same 
age and requiring a reserve of a million dollars, it is a short way in many 
operations to call a hundred dollars the reserve of each policy. It is really 
the amount which each policy would require, if all were sure to mature 
together just at the time when this sum, together with future net premiums 
and interest, will amount to its principal. We are safe, for certain pur- 
poses, in assuming that this will be the case, since we know that the ten 
thousand policies will mature by death at such periods, distributed through 
years to come, that the financial result will be substantially the same. But 
many legislators and some actuaries speak of a reserve for an individual 
policy as a definite term, of ascertainable value, to be treated and reasoned 
upon without reference to this essential limitation. They talk of this re- 
serve as if it were a fund apart from the company's general funds, in which 
the assured has a special right or quasi-ownership. The reserve of a policy 
is a mathematical function, a mere symbol of calculation introduced to 
shorten a deductive process, and disappearing before the results of the 
process are reached. But from the perverted view of it, as a substantial 
and fundamental fact, arise half the absurdities of life insurance legislation, 
and half the unjust reproaches hurled against the business. 

Every surrender value law which I have seen assumes that the theoreti- 



CX1V REPORT OF THE 

cal so-called reserve of the individual policy in some way measures the 
value which is transferred to the company by surrendering the contract. 
This assumption is simply false. It has no foundation in the contract ex- 
pressed in the policy. The agreement is for the office premium, and no 
company can afford to do business on any other basis. The so-called net 
premium is an abstraction used in computation, but is not a business fact, 
and has no place in any real transaction. The practical effect of such a 
law, then, is this : as long as the insured fulfils his obligations, he is held 
to the strict letter of his promise and his full contract premium is exacted 
from him ; but as soon as he becomes a defaulter, his contract is modified 
by force of law, and he is bound only to pay that portion of it which is 
called the net premium. The act of violating his agreement is made of 
itself a release from one-fourth or more of his obligation under it, and that 
at the cost of his fellow members who keep their contracts. There is no 
doubt in my mind that the interests of the public would be promoted by 
the repeal of all existing laws on the subject of lapses and surrender 
values. The evil which they were originally designed to remedy, the ex- 
action of unreasonable forfeitures, was never wide-spread nor important, 
and competition was sure to eliminate it; while these laws themselves 
work far more wrong than they prevent. The companies, in their zeal to 
be reputed fair and liberal, will always go further than strict equity per- 
mits in adjusting the claims of retiring members ; while the effect of the 
laws in question, and especially that of the law of Massachusetts, in pro- 
moting disintegration and in fostering unfounded distrust, grows more 
serious every year. The subject is not proper for legislation, which should 
always embody principles, not technical formulas, and should leave their 
application in individual cases to be enforced by the courts. 

But, if any law on the subject is desirable, it should be in harmony with 
the principles of the common law of contracts, and should provide as nearly 
as possible for the conservation of the rights of all parties. The following 
form would certainly satisfy any reasonable demand which can be made in 
behalf of defaulting policy holders : — 

Whenever any policy of life or endowment insurance hereafter issued by a domestic 
corporation shall become forfeit or void for non-payment of premium, then, without any 
further stipulation or act, such policy shall be binding upon the company for the amount 
of paid-up insurance which the then net value of the policy and all dividend additions 
thereon will purchase as a net single premium for life or endowment insurance matur- 
ing at the time and in the manner provided in the original policy contract, and such 
default shall not change or affect the conditions or terms of the policy except as regards 
the payment of premiums and the amount payable thereon. The net value of the policy 
and additions shall be determined by deducting from the net single premium which 
would purchase such policy and additions all indebtedness to the company on account 
of such policy, including the present value of all future premiums contracted in such 
policy to be paid thereon, all such premiums and values to be computed according to the 
combined experience or actuaries' table of mortality, with interest at four per cent, per 
annum. But nothing herein shall apply to any policy which contains as part of the 
contract a provision for compensation to the insured, in case of forfeiture or lapse, at 
least equivalent to that herein prescribed. 

This rule is open, no doubt, to many criticisms, but mainly from the side 
of the remaining, not of the seceding, policy holders. Indeed, the only 



INSURANCE COMMISSIONER. CXV 

consideration which can be plausibly urged in favor of a larger surrender 
value is that the provision made for expenses and contingencies in the office 
premium is assumed by the contract itself to be excessive, and that the pro- 
posed law offers no compensation for the surrenderee! right to future divi- 
dends. It is a sufficient answer that such dividends out of profits not yet 
made are contingent and wholly indeterminate. In the present state of the 
business, their value cannot confidently be expected to exceed the losses to 
the company from adverse selection in lapses and surrenders. 

On the other hand, this plan makes a large concession to the withdrawing 
member. In adjusting rights, after the breach of a contract, equity will 
assume conditions and results most strongly against the party in default. 
In the case of lapsed policies the corresponding assumption would be that 
the life withdrawing will survive to the end of the table. This would, of 
course, be extreme and unreasonable, under a contract for life insurance, 
since it would turn the loss of the company by lapses into profit, and make 
it for the interest of the whole body to encourage desertions. But I am per- 
suaded that the true principle for the treatment of lapses is to preserve the 
company substantially unimpaired, and it is certain that no legislation on 
the subject has hitherto embodied this principle. 

Legislation cannot properly determine the price which companies must 
pay for defaulting policies. A company which is brought near the danger 
line by unusual mortality or low returns of interest must choose between 
fulfilling its contracts and giving bounties outside of its contracts. It ought 
always to be free to take the former course. Between strong companies 
there is always strong competition for the reputation of liberality, and they 
are far more likely, by excessive payments for surrenders, to conciliate the 
class from which " kickers," grumblers and harsh critics come, than unduly 
to favor quiet and contented members. It is one of the mysteries of public 
opinion in this country, that it has long tolerated and even fostered in sev- 
eral States laws which have no object but to encourage, exaggerate and 
enforce shadowy equities, inferred or dreamed out of technical abstractions, 
to the damage and peril of definite and vested contract rights. But life 
insurance is the only branch of public economy in which such legislation is 
practised, and only a full understanding of its character and effects is needed 
to bring about a return to reason and the recognized principles of law. 



Mr. J. M. Craig, actuary of Metropolitan Life, writes, referring to a 
paper at some length on the subject prepared by him in 1891, and reaffirming 
the conclusions therein expressed : that Professor Wright's system of insur- 
ance values is founded in error, and therefore all computations based on the 
operations of the Massachusetts non-forfeiture law are erroneous, and that 
in consequence thousands and perhaps hundreds of thousands of dollars 
have either been wrongfully paid or charged up as a liability ; that Wright's 
neglect to consider separately the investment elements and the insurance 
elements in life insurance contracts has occasioned more confusion, more 
error, more dissatisfaction, more distrust and done more injury to life insur- 
ance as a great economy than any other cause or than all other causes 
combined. 



CXV1 REPORT OF THE 

Mr. Henry W. Smith writes : The question of insurance values as a 
means of determining the cash and surrender paid-up values of life insur- 
ance policies we have always condemned. Indeed, we think that well- 
regulated competition, as in every other business, is the best method by 
which such values may be determined. The worth of a policy to a company 
we do not believe has ever yet received due consideration. . . . We think 
that a surrender value of such an amount as fifty per cent, of the reserve 
would purchase, as a single premium, is as large a value as should be 
promised in the policy. It may be possible to pay more ; that should be 
left to the discretion of the managers of the conrpany, who have no motive 
in dealing with the retiring policy holder other than fairly. 



Mr. William D. Whiting writes : Certainly a law which ties the hands 
of your own companies, while leaving outside companies to do as they 
please, is worse than foolish. I believe the time has come to wipe all non- 
forfeiture laws off the statutes, as no longer necessary. 



[Mr. David Carment, Assistant Actuary Australian Mutual Provident So- 
ciety, Sidney, JST. S. W.~] 

I have carefully perused the remarks contained in your forty-first annual 
report on the subject of surrender charges in life insurance, as well as the 
paper by Mr. Homans on " Insurance values and surrender charges." 

In endeavoring to reply to your circular of the 13th of November last, 
inviting expression of opinion on the points at issue, what first occurs to an 
Australian life assurance man is a certain amount of surprise that the legis- 
lature should see fit to interfere in such matters at all. 

Here, the scales of surrender values allowed by the various companies 
on different classes of contracts are fixed solely by the individual companies 
themselves. It is true that in one or two of the colonies enactments are in 
force which prescribe that each company shall declare the surrender value 
which it is prepared to allow for its policies, and that no policy shall be- 
come void for non-payment of premiums so long as such surrender value is 
sufficient for the purpose ; but this is a very different thing from laying down 
a cast-iron law of " surrender charge," to which all companies must con- 
form. In general, the Australian offices calculate surrender values on most 
kinds of policies, whether whole life or endowment, by deducting a certain 
percentage, generally five or ten per cent., from the reserve value, based on 
the rates of mortality and interest used in their periodical investigations., 

A surrender value is usually allowed at any time after the payment of 
two years' premiums ; but, in order to compensate for the extra expenses 
of obtaining new business, the best companies generally deduct a consider- 
ably heavier percentage, say as high as twenty-five per cent, in some cases, 
where a policy is of very short duration. Of course in the case of a com- 
pany which obtains its new business at an unusually high rate of expense 
the payment of surrender values on recently effected policies would not be 



INSUKANCE COMMISSIONER. CXV11 

justifiable, except on such terms as would involve no appreciable loss to 
the more persistent members ; and it would manifestly be the height of 
injustice for any legislature to compel the payment of cash surrender values 
where such payment would involve an actual money loss to the company 
which granted the policy. 

Another cogent reason against the enactment of any compulsory cash 
surrender value law lies in the fact that, in the event of any panic arising 
in the insurance world, a life office might find itself called upon either to 
realize securities at a ruinous loss, or to keep a large amount of its assets 
in a liquid form, earning little or no interest, as a precaution against any 
sudden drain on its funds. 

I am glad to see that in stating my views on these points I find myself in 
complete accord with so eminent an authority as Mr. Homans. To use his 
own words : " This whole question of cash surrender values is far-reaching, 
and should not be subject to iron-clad statutes. It is a question which had 
far better be left, in general, to honorable competition, intelligent public 
opinion and to the judgment of competent insurance managers," And 
again, with equal truth : " A successful company, with favorable mortality 
and ample surplus, can well afford to give more liberal cash surrender 
values than a company which is less fortunate in these respects, and in 
which it is more difficult and expensive to secure substitutes for withdraw- 
ing policy holders. No iron-clad surrender charges for all companies can 
ever be entirely satisfactory." 

The scale of surrender charges prescribed by the Massachusetts law 
strikes me as artificial and complicated, besides being unjust in its incidence 
on different classes of contracts ; and Mr. Homans has shown, in addition, 
that the statute admits of being interpreted in a manner at variance with 
the general acceptation of its meaning. It would therefore be a manifest 
advantage to have a more equitable and more intelligible provision substi- 
tuted for that at present in force. Probably any percentage deduction 
would, as Mr. Homans points out, press with undue severity on endowment 
policies approaching their maturity ; and therefore some other method, 
more or less arbitrary, would probably have to be adopted when making 
any alteration in the existing law. 

I apologize for my delay in replying to your circular, and trust these few 
remarks from this side of the Pacific may possibly be of some little value in 
the discussion of the question. 



STATISTICAL TABLES. 



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-4J 
CO 

XI 

-J-> 


13 
d 

d 


s 

-4-» 

a 

'3 
8 

Ph 


d 


c3 

•4-3 

c 
V 


3 
d 


CO 
U 

03 

> 


u 

•4-3 

a 
<o 
O 

d 
o 


"3 
d 

d 

d 
o 


GO 


d' 
o 

to 

a 

CO 


=4-1 

o 

to 

13 

-4J 

o 
H 


•4>3 

o 

4-3 

d 

c3 
u 

O 


03 


<D 


d 


d 


13 


o 


Ph 


o 

«H 


o 
•-i 

Ph 


d 


c3 

(H 

H 


"3 
P 


d 


'3 
P 


33 







to 
a 

•3 

3 



02 



CXX11 



STATISTICAL TABLES, 



m 
H 



co 
co 
O 

o 

H 

to 

H 

H 

CO 

W 
r> 

M 

P3 
W 

W 

H 

o 

Q 

H 
«4 

H 

CO 

w 

HH 

O 



H 



HH 

H 











CO 


m 


T* 


Ci 


r-H 







•<*• 


00 


OS 


OS 


t>. 


O 






c 




00 


ia 


IO 


^ 


t>; 


!>; 




CO 





t>- 


00 


CO 


fr^. 






cu 




•* 


I-H 


lO 


O 


00 


06 




»o 


CN 


co 


TjS 


"^H 


CO 


to 




O 




CO 


CN 


CO 


CN 


l-H 


CN 







CO 


VO 


r-H 


id 


CN 


5 




P 






























< 
O 






Ph 






























J 


































o 








fr- 


tH 





«* 


t^ 


CN 




CN 


l-H 


00 


fr- 


10 


CO 








1— c 


O 


CO 


CO 


CO 







CN 


CN 


OS 


CN 


CN 


Tjl 








CN 


CO 


CO 


OS 


t^ 


CO 




"^ 


to. 


"* 


-* 


cp^ 


"* 


< 




*j 






























o 




C 




in 


OS 


I-H 


CO 


OS 


tH 




0" 


CO 


c<r 


r-H 


t>T 


fr>r 


H 




s 




CO 





CI 





00 










CN 


CN 


CN 


CO 


OS 


« 









00 


00^ 


10 


co 


°i 


OS 




CN^ 


00^ 


t>- 


cp^ 


i-H 


cp 


o 




a 




hT 


I-H 


co" 


>Q 


oT 


0" 




»C5 


l-H 


icT 


of 


cn" 


of 


S 




< 




۩= 










CN 




CN 




CO 


CO 


I-H 




M 




<D 




00 


CO 


OS 


CN 


00 


OS 







rH 


CO 


CO 





00 






CO 


"*l 


10 


CN 










CN 


OS 


00 


00 


lO 


cp 


o 









CN 


frl 


06 


CO 


CO 


ie3 




t-1 


id 


CN 


l-H 


CO 


rH 


Eh 




IH 




l-H 


Tt< 


co 


10 


»o 


TJH 




CN 




CN 


ia 


CN 


CO 


GO 




co 



































P^ 






























K 



































< 








CO 


CO 


OS 





h«. 


10 




CN 


•* 


fr- 


CN 


»o 


OS 


co 








i—l 


Oi 





I-H 





CO 




in 


!>. 


CO 


lO 


fr- 




ft 








fr- 


10 


OS 


CO 


"* 


■* 




\a 


r-H 


CN 


iT^ 


I— 1 









■♦* 






























S5 




c 




00 


rfi 


CD 


CO 


CN 


l-H 




t>- 


00 


Til 


frC 


CO 


TfH* 


o 




B 




CM 


CO 


ICO 


00 


CO 


CN 




00 


CD 


OS 





l-H 


»T5 


cq 




O 




OS 


1-H 


I-H 


t>- 


00^ 


C5\ 




co^ 


rt< 


co^ 


10^ 


OS. 


°i 


« 




a 




€©■ 


r)T 


t>r 


co' 


co" 


<n" 




cn" 




TfT 


l-H 





co" 


H 




< 










l-H 




CO 




l-H 




l-H 


r-H 






EC 
H 


















€^= 




۩= 






l-H 






O 






































c 

co 




CO 




iO 


CN 


CO 


l-H 




CO 




CO 


l-H 




CO 


03 






fr- 


| 


CO 


CO 


■^ 


TjH 




CO 


1 


l-H 


TtJ 


1 


00 


» 




O 




r-H 






CN 


l-H 


I-H 




CN 










eo 


O 




u 






























tt 





Ph 






























en 


































W 
H 

£4 








O 







O 


















O 




fr- 








O 







O 





U3 












O 




I-H 








O 







<N 





t^ 




CN 







00 




CO 






■+J 




















1 






1 




CO 




c 




CN 


1 





l-H 


00 


l-H 




OS 




i-H 


"HH 




OS 







3 




CO 




CM 


O 


r» 


CO 




10 




O 


CO 




ia 




O 




I-H 




r— ( 


CO 


l-H 












r-H 


00 




CO 


H 




a 




۩= 










l-H 




r-H 












S5 




<j 














۩= 




۩= 












P 






































c 

CO 




CO 


T*4 


I-H 


CN 


CO 


OS 




l>. 


fr- 


fr» 


fr- 


Tf 


OS 








CN 





OS 


tH 


OS 


t^J. 







ee. 


OS 


CO 


00 


cp 






U 




CO 


CO 


CN 


t-1 





t^ 




l-H 





CO 


OS 


OS 


06 






»-i 






I-H 














l-H 


l-H 


r-H 




I—l 


H 




CO 






























H 
-J! 
H 
to 




Cm 




































»o 


I-H 


O 


CO 


CO 


CN 




CO 


»C5 


H* 


OS 





"* 


w 








fr- 


fr- 


»o 


CO 


"«* 


r» 




tH 


lO 


CO 


CN 


fr- 


CO 








ee^ 


CO^ 


CN 


OS 


CO 







CO 


CN 


I-H 


CO 


CN 


l-H 




































H 




C 




t>r 


**r 


O 


CN 


I-H 


CO 




CO 


CO 


CO 


CO 


fr- 


fr- 




P 




CO 


I-H 


TJ< 


CN 


TK 


00 




00 


l-H 


00 


10 


os 


os 


M 









■*" 


"^1 


IO 


°1 


co^ 


cp^ 




-* 


CO 


fr^ 


fr- 


l-H 


cp 


M 




a 




^= 


I-H 




r-T 


r-H 


Iff 




۩= 




06" 


cn" 


cn" 


1-4 










10 


"* 


O 


lO 


CN 


CO 







CO 


10 


■«# 


OS 


CO 










CO 


CM 


co 


O 


10 


t-» 




•* 


•«* 


•* 


CN 


fr- 


CN 




CC 






o_ 


I-H 


°i 


cs^ 


o_ 







00 


CO 


fr- 


CN 


00 


fr- 




w 









































I-H 


>* 


co" 


cT 


t-T 


co" 




10 


r- 


CN 


ia 


tJh 


CN 




CTJ 









l-H 


■«*< 


r-H 


CO 


r-H 




CO 


co 


O 





CN 


00 




< 






U3 


00^ 


IO 


OS. 


°i 







10 


OS 


cn 


r-H 


co^ 


00 










fr-T 


ocT 


00 


irT 


<n" 


CO 




»c 


cn" 


of 


ia 


of 


Oi 




X 






€£= 




I-H 


CN 


r-H 


l>- 




TjH 




CO 


r-H 


CN 






c 
















m 




۩= 






CN 








3 






















































• 


• 


• 


• 


• 


• 






















CO 




















co 


• 


* 


• 


• 




• • 


K 




















W 














t- 
















* 




s 














$ 
















-5 




Pi 














w 
















«4 
li 






















Ph 

w 

w 

Eh 
















< 




m 
H 
H 

co 
P 
W 



• 


CO 


"3 
CO 


i— T 
03 

8 

To" 


• 






CO 

w 

M 


: 


lis 

rH 

a 
O 


'e8 


. 


. 


' 




A 




<< 







cu 


fl 


'S 




r? 




-4-S 


-u 














CO 


^ 


CO 


CO 


03 


» 


co^ 


^ 




P 


3 


^ 


^ 










CO 


© 


c 


a 




■r-9 




Ph 




^CO 


_co 


00 


03 










a 1 


>H 

3 

CO 

rill 
*1 

as 

Ph 


o3 

w 

a 

-a 


r-5 


u 

CO 
CO 

03 


8 

03 

+-> 


e3 


H 







of 

a 

H-S 






a 

pa 

O 




pa 
pa 




rO 

_o3 

'3 
m 


'3 

e3 

a 

cu 
O 


cu 

s 



a 






STATISTICAL TABLES, 



CXX111 



>o 


cm 


CO 


o 


CM 


CO 


o 


lO 


CO 


OS 


CO 


o 


o 


CO 


t^ 


CO 


o 


ia 


CO 


lO 


10 


(M 


1—1 


CO 


CO 


CM 


I— 1 


t^> 


t^ 


l—< 


CO 


o 


00 


M3 


r^- 


OS 


kO 


CM 


IQ 


»o 


o 


CO 


o 


OS 


I— 1 


t^ 


OS 


OS 


TjH 


r-H 


I— 1 


lO 


o 


1—1 


os 


CO 


o 


CM 


■"^ 


o 










































on 


© 


■* 


CO 


CO 


l>. 


OS 


r-H 


Tt< 


CO 


o 


CO 


o 


r^. 


tH 


l-H 


OS 


CO 


IO 


o 


o 




o 


T* 


x* 


•"*" 


o 


l>. 


t^ 


OS 


"* 


CM 




t— 


CO 


00 


t^ 


CM 


co 


OS 


fM 


00 


l>. 


»o 


io 


CO 


lO 


00 


00 


t- 


tH 


CM 


Tf« 


CO 


CM 


■»* 


CO 


CO 


o 


OS 












































CO 


—J 


_— 1 


CO 


"* 


r^ 


CO 


I— ( 


o 


1—1 




CO 


IQ 


CM 


t-H 


rj< 


OS 


o 


o 






r-H 


t>. 


CO 




CO 


CO 


1—1 




I— 1 








l-H 








I— ( 


CO 


OS 


r-» 


CO 


o 


CO 


t^ 


CO 


t-~ 


1—1 


CO 


r-H 


o 


r-H 


1—1 




CM 


tH 


CO 


o 


o 


CO 


CO 


CO 


o 


I— 1 


CM 


I— 1 


CO 


oo 


CO 


CO 


CO 


■* 


l-H 




CO 


tx. 


CD 


tH 


CO 


CO 


CO 


oo 


CO 


OS 


■* 


»o 


CO 


■* 


CO 


CO 


»o 


CO 


CO 




T* 


r-H 


CM 


CO 


CO 




CM 


CM 


■* 


I— 1 


CO 


io 


1—1 


CM 


CM 


CO 


x*l 


CO 


CO 




Tl< 


CM 




CO 


CO 


CO 


io 


oo 


t— 


CO 


CO 


l-H 


■»+l 


OS 


OS 


o 


o 


f* 


(M 




CO 


CM 


OS 


l-H 


CO 


CO 


io 


OS 


o 


OS. 




© 


o 


CO 


o 


CO 


t^ 


Tj< 


00 




r» 


00 


«>. 


o 


CO 


(M 


CM 


CO 


(M 


o. 


o 


I— 1 


rft 


OS 


CO 


l>- 


l-H 


OS 


OS 




00 


oo 


00 


CM 


t^ 










































i— 1 


r— 


00 


io 


lO 


CO 


t-H 


io 


Tt< 


CM 


rh 


OS 


r-H 


"*< 




o 


T* 


td 


CO 


OS 


i— 1 


CO 


00 


lO 


o 


CO 


CO 


t— 


lO 


(M 


00 


OS 


•* 


CO 




Ttl 


l-H 


CO 


kO 


l>. 




oo 


CO 


l>. 


CO 


CO 


OS 


CO 


CM 


»o 


Tf< 


00 


IO 


CO 




l-H 


CO 


CO 


CM 


l-H 












































CO 


00 


o 

1—1 


l-H 
I— ( 


■* 


CM 

o 

l-H 


CM 

1— 1 . 


t— 


CM 


r-H 




CO 


CO 




CO 


r-H 




o 


CO 

»>. 
€©■ 



lO 

r— 
o 



as 

o 

© 






© 

CM 



CO 



lO 

co 

CM 



CO 

co 

CM 



1C0 

© 

CN 



© 

o 

IO. 

co" 
co 
oo 



CO O 

r-H O 

T« kO 



kO 

CM 

o 



o 

o 



o 

kO 
CM 



o 
o 



۩= 



CO 

o 
<o^ 

ko" 

OS 

co^ 

r-H 
CM 



© 
cs 



os 

co 



00 kO 
IO .-H 

r-S CO 



CO~ 
CC~ 



CO 
CO 



co 

CO 



co 



o 
co 
o 



CM 

io 

CO 



CO 



OS 

o 
of 



cs 

OS 



o 

kQ 
CO 



OS 

CM 

CM 

|Q 



tH O 

t— o 

CM t>- 



t^ 

■* 
^ 



۩- m= 



CO 



00 
CO 



co^ 



as 

CD 



IO 
IO 

CD 



CO 

© 



CM 

CM 
CM 



CO 
CD 



OS 

IQ 
CD_ 

of 

CD 
CO 



O 
CO 
CD 



"^ 
tC 



kO 

OS 



co^ 

co" 



CO 

o 
o 



CM 



OS 

o 

r-H 

CO 



o 

l-H 

CM 



03 



B 

83 

-=; 
a 

2 



o 
ft 

o 



c£ 



m ,.? 



e3 
=3 

a 

CD a 



c3 

a 

o 

r5 



o 



r5 

rfl 
(H 

o 



S3 

a 



r-l 

Eh 

c 



t/2 



d 'd 






•5 

&0 






P- Ph Ph H 



-t-3 

13 


OS 

-t-i 


00 
CD 

c3 


o 

H-S 


o 

00 


H-S 
O 

T3 


o 


% 


CO 


be 


a] 

-t-3 


a 


c 
o 


o 


CD 

-»H 


S 


O 

H 


rH 

o 








c3 

















CXX1V 



STATISTICAL TABLES. 



<x> 
"B 

a 
i— i 
o 
a 
o 
O 



pq 

M 

H 











TM 


o 


CO 


OS 


CM 


lO 




© 


© 


00 


Tt< 


i-H 


© 






c 




CO 


T« 


t— 


o 


CM 


CO 




-* 


CO 


l>» 


CM 


© 


CM 


03 

H 
W 




O 


















CM 


l-H 


l-H 




'-' 


i-H 


CO 

s 

H 




V 

Ph 




































i-H 


T* 


o 


T* 


© 


© 




CM 


1-^ 


ICO 


© 


l-H 


© 








© 


(M 


o 


OS 


© 


© 




© 


CM 


© 


© 


© 






a 




no 


CO 


r-« 


CO 


© 


© 




°i 


© 


-<*< 


00 


CO 


os_ 
































O 




S 




© 


CO 


o 


(M 


© 


r^. 




co~ 


ico 


oo 


cxf 


kO 


oT 






O 




o 


CM 


CO 


00 


■"*! 


CO 




CO 


ICO 


l-H 




CM 


1— 1 


J 




a 




1— ' 


l-H 


CO 


CM 


i-H 


© 




i-H 




l-H 


no 


CM 


rH 






< 




€©■ 










€©■ 




t& 




i-H 









55 








t^ 


o 


CO 


1— 1 


© 


© 




00 


ICO 


l-H 


CO 


tH 


■-H 






OS 


CO 


f^ 


© 


t- 


e>3 




© 


ICO 


CM 


CM 


tj; 


CO 


-s) 




O 




«s 


TP 


CM 


CO 


CM 


CO 




CO 


i-H 


CM 


ICO 


l-H 


r—< 


a 




a> 






























o 




Ph 






























£ w 


































































B«t 55 

o «« 








00 


CM 


«3 


lO 


ICO 


© 




© 


1C0 


UO 


© 


t^ 


ICO 








!>. 


o 


O 


l-H 


CO 


CO 




!>. 


© 


© 


Th 


© 


lO 


55 W 




"c 




ce 


t^ 


■* 


CO 


"^1 


lO 




°1 


CO 


l-H 


© 


l-H 


©^ 
































M 




s 




t^ 


00 


CO 


CO 


© 


l-H 




cxT 


ico"* 


CM 


CM 


© 


cT 


B 




o 




"HH 


t~ 


«-h 


»-* 


CO 


ICO 




© 


^ 


© 


© 


CM 


t^ 




a 
< 




"HH 


CO 


lO 


t^ 


CO 


■*! 




t-» 




co_ 


CM 


CO 


i-H 


<* 






m 










cm" 




e>T 




i-H 


l-H 






D 


















۩= 




۩= 






l-H 






i 




a 




© 


i-H 


00 


00 


© 


CO 




© 


00 


© 


00 


CO 


CM 


o ,/ 




CO 




°J 


»- 


CO 


© 


© 


i-H 




l^ 


l-H 


■* 


© 


CO 


OS 


g* 




O 




CM 


CM 


o3 


l-H 


CO 


CM 






CM 




CM 


f-H 


l-H 


& B 


































*< Ph 




Ch 




































00 


© 


t» 


>— 1 


© 


hiH 




l-H 


CO 


© 


00 


00 


CM 








CO 


O 


OS 


© 


© 


T« 




CO 


tH 


© 


© 


b<- 


© 







s 




© 


© 


oo 


lO 


© 


© 




k(0 


© 


"*■ 


"* 


00 


k£0 


*£ r^ 
































« s 




3 




"* 


oo 


-«*" 


© 


r^ 


© 




CO 


CO 


oo 


oT 


00 


© 


« s 




O 




© 


CO 


CO 


00 


© 


00 




no 


© 


© 


t» 


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t>- 


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a 
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r-H 


CM 


no 


CM 


CO 


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CO 




CO 


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1 s 






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l-H 




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CO 


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CO 






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CO 


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CO 


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l-H 


09 




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1 


CM 




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1 


id 


55 




u 






























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O 




CO 

Ch 






























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CM 


00 


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a 








i-H 


CO 


CO 


oo 




CM 




t» 


© 


CM 








D 




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CO 


CM 


OS 


l>^ 




CO 




(-^ 


CO 


Tt» 






© 






C 












1 












1 


1 




a 




9 




CO 


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OS 


co" 




<* 




© 


CO 


HO 






© 


M 




O 




o 


t^ 


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lO 




CO 




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■*H 


© 






CO 


W 




a 








CO 


© 




lO 




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Pi 






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a 




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CM 


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CO 


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CM 


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th 


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id 


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CM 


CO 


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CO 


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CM 


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CO 


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00 


CO 


© 


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co^ 


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CO 


CO 


CO 


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H 




c 






























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g 




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t-T 


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© 




J 




o 




© 


© 


kiO 


© 


i-H 


kO 




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t—t 


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CM 


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CO 


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CM 


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£ 




Ph 






























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Ch 




O 














K 
















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o 














w 
















o 
o 




to 

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• 


• 


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• 


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o 


• 


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• 


• 


• 


• 




O 




H 
S 

02 

a 


• 


• 


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s 

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B 


"5 


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o 

CO 


• 


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u 

a> 

a 

CD 


*c3 

B 

H-> 

B 


• 


• 


• 




ft 




CO 
CO 


• 


o 


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CO 


•73 

a 
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• 


Ph 


• 




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• 


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-61 


of 

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3 

00 

u 


cj 

w 

a 

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CO 

s 

o 

c3 

CO 
CO 

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H 


o 

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a 

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o 


CD 

c3 

H-3 

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O" 1 


of 

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a 

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o 


CD 

a 

o 

m 



STATISTICAL TABLES. 



CXXV 




i— I r— I Tf i— I 



CO 



OS 
1— t 

t-1 



tH cM 

■^ © 






i-h cq «— i 



l-H OS 

l>. © 



o jo 

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Tj< OS 

10 



© CO 
OS co 



so 

I— I 



CD 
JO 



OS 

OS 

os 



o 
oo 
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CO 



CN 

co 



o 
o 

OS 



o 

CM 
OS 

o" 

CO 
CO 



o 

I— I 
CO 



CO 



CD 
CN 

jo 



o 
© 
co 



to 



i-h i-h eN 



co 
co 



CO l-H , i-H i-H 



r>. jo 

^H l-H 

r-H CO_ 

CO 



co 



00 



CO 

jo 



o •* 
O CO 
CO l>- 



i-H 

CM 



OS 
JO 
CO 



o 

l-H 

b- 



CO >— < 

i-H OS 

CN_ OS^ 

"^ CO*" 

i-H CO 

CO l-H 



CO 
CO 
t>^ 

Oi 
OS 
CO 



cs 

OS 

co 



CO 
CO 



OS 

l-H 

CO 



CO 

CO 

(M 



jo 



CO 



OS 
CO 

ocT 

JO 
CO 

cT 

CO 

۩= 



jo 



CO 
i—i 
CO 

>rrT 

CO 

JO 



CO 

OS 
CO 



r^ 


l-H 


CO 


^H 


«>. 


i-H 


1^. 


jo 


CO 


l-H 


OS 


o 


CO 


I-H 


f-H 


l-H 


CO 


CO 


CO 


JO 


CO 
















CN 


OS 


CO 


CO 


CO 


i-H 


CO 


OO 


CO 


CO 


CO 


t~» 


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l-H 


It" 


CO 


© 


CO 


00 


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oo 

CO 

JO 



CO 

OS 

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t^- 
co 

co~ 

JO 

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CO* 

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fr- 


CO 


JO 


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JO 


OS 


JO 


CO 


o 


co 


l>- 


CN 




JO 


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CO 


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rH 


CO 


JO 


JO 


o 


© 


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CN 


l-H 


l-H 




















CO 


CO 


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CO 


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CO 


fr- 


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CO 


to 


JO 


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CO 


h- 


CN 




o 


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CO 


OS 


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CO 




















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1— t 


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CO 


JO 





fr- OS 

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CO 

os 



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3 
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3 
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3 

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3 

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3 
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as 
Ph 


i-T 
03 

3 

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3 


3 
c3 

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3 


to 

p 

o3 
03 


• 


• 




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3 


as 

as 


a 


as 
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CO 

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2 

co 

a 

CO 

5 


O 

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o 

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as 


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3 
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3 

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03 


o 
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55 


03 

as 

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3 
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3 

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3 
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as 
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o 
to 

3 
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T3 

3 
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S-i 

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CXXV1 



STATISTICAL TABLES. 



H 



c/2 

H 

W 

S 

w 

CO 

P 
W 
to 



o 

w 
H 







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10 




O 


O 















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00 










CO 




O 


















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t^ 










t» 




O 


O 















CO O 






1 


1 














1 








1 


t3 T3 




•— 1 










l-H 




irs 


CM 




t» 


T* 


IQ 




S 1 




۩= 










<z& 




l-H 


l-H 






CM 


i-H 




a £ 


















۩= 














> 
































« 
































Q 33 














~ 


















• 




Os 


CS 


t— 1 


t^ 


C5 


Ifi 




CO 


t» 


to 


OS 


OS 


CM 


t^ 


a 1 




CM 


r^ 


1—1 


10 


CM 







Oi 


CO 


CM 


CO 


tQ 


lO 


CO 




OS 


CD 


CM 


CO 


CO 


10 




CO 


»o 


l-H 


"d^ 


CM 


OS 


l-H 


































S is 


PU 




CO 


O 


r— 1 


■** 


CM 







CO 


CO 


CO 


i>r 


10" 


l-H 


t^ 




(M 


r^ 


CO 


TJH 


O 


CO 




CN 





Tj< 


CO 


CM 


Tt< 


OS 




i-H 





OS 


©_ 


CO 


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CO 


CO 


10 


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l-H 




































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l-H 


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CO 


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CM 


l-H 






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۩= 




m= 






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05 










CO 


05 


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CO 


00 


2 £ 




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CM 


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to 


CO 


t^ 


CO 


10 


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t-- 


CO 


CO 


CM 


t^ 


CD 




O 


CO 


CO 


OS 


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l-H 


co »rj 
































"2 "3 




i-H 


10 


CO 


t-- 


CM 


O 




O 




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M5 


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CO 


tH 






co 


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1— t 


l-H 


CD 


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CO 


t^ 


b» 


CM 


CO 


l>- 


1— t 




(M 


CM 


-* 


US 


CO 


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CO 




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r-H 


l-H 








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1— t 




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i-T 


cm" 








£ 6 














m- 


















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Ph 




































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CO 


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CN 


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CO 


CO 


CO 


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CO 


CO 


CM 


CO 


CM 




CO 


10 


■<*< 


10 


CM 


CO 





a) . 




««* 


CD 


CO 


t^ 


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l-H 




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CO 


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CO 


CD^ 


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CO* 


CO 


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CO 


tjT 


l-H 




CO 


OS 





tC 


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t3 -S 




OS 


IO 


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10 


i-H 


CO 




l-H 


TjW 


CO 





OS 


t^ 








CO 


1— I 


"* 


CO 


CO 


o\ 









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00^ 


CO 


l-H 




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CO 
































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CO 


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CO 


l-H 


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CM 


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CD 


l-H 










CO 


CO 


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IO 


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03 <g 




CO 


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l-H 


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C5 







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CO 


CO 


CO 


l-H 
































1 









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CO 


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CD 




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CO 




CM 


CO 


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co 


r-l 





i-H 


CO 


OS 




IO 








CO 


OS 


CO 








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r-i 


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O 

m 




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l-H 




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13 
































B 
































w 




































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CO 


CM 




O 


CO 


CO 


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CO 





a 




rH 


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to 


CO 


l-H 


O 




t>. 


CM 


CO 


IO 


i-H 


OS 







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t-~ 


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CM 


CO 


co_ 




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CO 


CO 


CO 





i-H 


































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l-H 




O 


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CO 





CO 


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CO 







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IQ 


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CM 





t-~ 


CD 


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co^ 




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co^ 


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C3 
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g 


Ph 






























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M 














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Ph 

















W 
















O 




CX 
H 














H 


















ft* 


H 














Ph 
















O 


Fh 














O 
















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& 






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d 

S3 

en 
a> 


!— r 






OS 


• 


• 





" 


• 


• 


• 


a 

3 


2 




J* 
O 
O 


P3 

■4-3 

s 
2 

C3 


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M 

to 

< 

Ph 
S 
O 
O 


• 


l-H 
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<o 

p 




•a 

p 
p 

+3 


' 


• 


• 


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p 

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p 








O 


TO 


ci 


S3 


QtT 






p 


p 


^ 


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u 
00 

■M 

ft 
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W 


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03 

w 

p 
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1-9 


PS 
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cJ 

00 

TO 

S3 


r 5b 

a 

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cu 
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p 

a> 
c3 

m 


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H 




of 

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a> 

p 
p 







CO 

p 
p 




l-H 

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c3 

■p 


.2" 
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03 

a 

Sh 




oT 

a 



w 


s 

en 

OS 
TO 

p 

03 






STATISTICAL TABLES. 



CXXV11 



o 


o 
















o 


00 


o 


o 


o 




o 


o 


00 


CO 




o 


o 
















CM 


r^ 


o 


o 


o 




o 


lO 


•xf 


CO 




o 


o 
















CD 


OS 


o 


o 


o 




00 


t>- 


l-H 


OS . 












i 


1 


| 
















i 












co" 


cT 


1 


i 








1 


1 


tH* 


CO 


o 


»T5 


o 




o 


00 


•n 


CO 




1— 1 


i— i 
















"«*< 




o 

CM 


CM 

I-H 






CO 




I-H 

CO 


l-H 

00 




00 


00 


o 


i— i 


«3 


i-H 


00 


CM 


l-H 


00 


00 


l>. 


o 


CM 


OS 


CM 


o 


CM 


t^ 




1^ 


r^ 


t^ 


CO 


OS 


CM 


<M 


00 


•o 


co 


>Q 


i-H 


CO 


I-H 


o 


tH 


CO 


r^ 


t— 




t>- 


CO^ 


k© 


"* 


I— I 


CD 


lO 


o 


I-H 


"># 


CM 


IQ 


»o 


»o 


o 


»o 


CO 


o 


ia 












































<N 


co" 


l>- 


CO 


T* 


CO 


k© 


CD 


CM 


l-H 


I-H 


CO 


l-H 


OS 


o 


iO 


l-H 


iO 


lO 




co 


I— 1 


CO 


CO 


os 


00 


CM 


O 


i-H 


o 


00 


o 


■* 


M< 


fl 


•* 


t-~ 


CM 


o 




t^ 


.-H 


■«* 


o 


CM 


-* 


CO 


CD 


CM 


OS 


■^ 


'HH 


CM 


CO 


t^ 


OS 


00 


CO 


l-H 












































l-H 


!>. 


kO 
CN 


t^ 


1—1 


00 

I-H 


CO 


CO 


i-H 


CM 


l-H 


■* 


l-H 


l-H 






i-H 


CO 
CM 

I-H 


CO 
CO 

l-H 

۩= 




o 


O 


CM 


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CM 


OS 


t- 


CO 


o 


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CO 


i-H 




** 


o 


CM 


CO 


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00 




OS 


l>- 


id 


OS 


CO 


CO 


CM 


co 


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00 


OS 


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m 


CM 


00 


CO 


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I-H 




OS 


t£ 


OS 


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CM 


CO 


CM 


OS 


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to 


00 




CM 


CM 


CM 


oo 


CO 


o 




























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*Q 


io" 


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CO 


1— ( 


IQ 


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CM 


OS 


ia 


■* 


CO 




CO 


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t>- 


OS 


CO 


■* 




l-~ 


kO 


OS 


1— 1 


<M 


CD 


t^ 


t» 


CD 


■* 


CM 


CO 




lO 


CO 




OS 


tH 


«o 








CO 


cp^ 


i-H 


l-H 


CO 


t— 


i-H 


t^ 


CM 






I-H 






l-H 


I-H 


OS 
















































CM 


i-T 




CM 


i-H 






















Id 
l-H 


CD 




OS 


CM 


OS 


1C 


(M 


t^ 


TJH 


CO 


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o 


CM 


^ 


OS 


CO 


tH 


CO 


CM 


iO 


Tt* 




o 


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ira 


I— I 


CM 


00 


T* 


CM 


i-H 


Tj- 


O 


CO 


l-H 


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O 


CD 


o 


o 


CO 




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CM 


oo 


l>. 


I-H 


to 


l-H 


l-H 


00 


CO 


CM 


I-H 


OO 


CO 


cc 


t^ 


o 


CO 


l-« 












































i-H 


in> 


© 


CM 


I— 1 


!>. 


I— 1 


t~» 


00 


CO 


CO 


o 


t^ 


co" 


I-H 


"* 


OS 


co 


t^. 




o 


OS 


b*. 


CO 


00 


o 


OS 


i-H 


CO 


CO 


CM 


o 


OS 


CM 


o 


CO 


CO 


o 


00 




•* 




CO 


I— 1 


"tfl 


©^ 

co" 


00 


t^- 


I-H 


T* 




CM 


CM 


>* 






CM 


CO 
CM 


co~ 

CM 




CO 


o 


CO 


00 


o 


OS 


00 


© 


00 


o 


l-H 


T)H 


tH 


"* 


t^. 


CO 


K5 


CM 


CO 




CM 


© 


tH 


o 


lO 


lO 


CO 


l-H 


co 


OS 


00 


GO 


t^ 


00 


>o 


I-H 


iO 


CO 


CD 




"* 


t^ 


CO 


CO 


■"*■ 


CM 


■HH 


CD 


t^ 


t^ 


tO 


t^ 


o 


CM 


OS 


00 


o 


l-H 


O 












































IQ 


CM 


o 


CM 


i-H 


00 


OS 


kO 


o 


CM 


r— i 


o 


CD 


ocT 


l>. 


co 


«o 


t^. 


Tt< 




i— t 




00 


<N 


00 


T* 


I-H 


l-H 


co 


b- 




r-H 


CO 


CM 


CO 


OS 


i-H 


OS 


OS 




i— 1 




© 

CO 


CO 




00^ 


00 


Tf< 


I-H 


CO 






CO 


I-H 


l-H 




kO 


I-H 
l-H 


■*" 

l-H 




CO 


CO 


CO 


CO 


l-H 


CO 


OS 


CO 


CM 


00 


CM 


l-H 


h» 


i-H 


00 


I-H 


t^. 


1^ 


OS 




*a 


kO 


I— 1 


rH 


CO 


o 


i-H 


l-H 


lO 


CM 


00 


CO 


co 


CO 


CM 


00 


CO 


lO 


lO 




co 


CM 


1— 1 


CO 


TH 


kO 


CO 


l-H 


CD 


00 


00 


l>- 


CO 


CM 


o 


CO 


°l 


OS 


t>^ 












































o 


CO 


ia> 


t— 


o 


CM 


CM 


i-H 


(M 


CO 


i-H 


00 


t^ 


OS 


CD 


OS 


r^T 


t^. 


oT 




t>. 


CO 


os 


CO 


1— < 


CO 


"<f 


O 


T* 


•>tfl 


CO 


o 


o 


CO 


CD 


o 


00 


t» 


CD 




i— 1 


OS 


ia 


ko 


CO 


Tf 


°i 


t^ 


t^ 


C5_ 


CM 


l-H 


CO 


CD 


•* 


t^ 


00 


OS. 


©^ 












































i— 1 


CO 


CM 

i— ( 


CO 




OS 


co" 


i-H 




i-H* 


i-H 


T)H 












CD 


kO 






















CO 
















CO~ 

CU 
























3 
















o3 


















"3 

d 

s 

a 

d 

CU 






u 
















-i— 






n 

03 

H-S 

OS 

.d 
d 


03 




CO 
<u 

a 






"3 

d 

■4J 



d 
a 

CU 

Ph 


"3 

a 

d 


c3 

3 


CO 

to 

a 
'> 

e3 






"o3 
Sh 


•—* 

c3 

■4-3 


an 
cu 
+3 


d 
o 

60 

d 
2 

CO 

03 


u 
cu 

o 
o 


CO 
+a 

o 




*-* 

l-H 

o 

a, 
o 


"3 

s 

3 


cu 

n 

r— 1 
03 

d 

•4-3 

a 


'3 
d 
.2 

o3 


o 

>< 

CU 
ft 


cu 

& 

.d 
O 


B 

'3 
8 

,4 

Ph 


-t-a 

sa 

CP 

"? 

o 

>H 


a 

cu 

O 

(H 

Ph 


[5 
a 

Sh 

Ph 


"to 

J-. 

cu 

"cU' 

03 
u 

H 


cu 
D 

d 
o 

*3 

P 


d 

d 
o 

"8 

P 


o3 

•4-J 

xn 

cu 

'8 
P 


CO 

o 

H 


-d 
d 

03 
in 

c 





CXXV111 



STATISTICAL TABLES. 



T3 

03 

cs 

a 
o 

O 



O 

cq 

H 















1 






+4 














W 




co 


CO 


CO 


SO 


*"< 


-* 




l-H 


r^ 


Oi 


i-H 


i-H 


CO 


CM 






t^ 


Ci 


o 


CM 


CO 1 


so 




CO 


o 


CO 


CO 


CM 


so 


lO 






Oi 


I— 1 


t^ 


Oi 


° 1 


GO 




CO 


Oi 


CO 


sp^ 


I-H 


°i 


°t 














•* 




















13 ? 

.2 41 




SO 


I— 1 


CO 


so 


Oi 


CM 




cm" 


Oi 


l-H 


icT 


t>- 


o 


CO* 




o 


<M 


CO 


so 


CN 


i— I 




Oi 


CM 


eo 


Oi 


t>- 


o 


t>- 


O « 




lO 


«3 


t>- 


b» 


Oi 


O 




kO^ 


^*< 


i>- 


CM 


t-» 


l>. 


l-H 


H S 


































l-H 


">* 


CM 


CO 


1— 1 


■^h" 




io" 




tC 


o 


CM 


I-H 




CO 




۩< 










i— I 




۩* 






CO 








5 








• 
























•4- 




































o 


<*< 


t>. 


t>. 


1— 1 


Oi 




so 


i— i 


CO 


Oi 


SO 


CO 


t» 


co 




cm 


Oi 


M5 


00 


so 


I— 1 




1—1 


T* 


■* 


CO 


CO 


CO 


CM 


o 




Tj« 


t~ 


Oi 


1— 1 


l^ 


I— 1 




@^ 


CM 


CM^ 


Oi 


o 


"*l 


CM 


h^ 


































SO 


eo 


CO 


1— 1 


o 


■* 






t» 


ITS' 


to 


CO 


■* 


CM 


■O 




I-H 


CO 




■<* 


CO 


CO 








t>- 


Oi 


IQ 


-* 




C 




€@* 








r-l 


<M 








i-H 


Oi 








OS 














۩= 


















































a 
































o 
































Sh 
































Ph 
































>> 
































u 




r>- 


t^ 


OS 


o 


so 


Oi 




so 


O 


CM 


CM 


SO 


CO 


o 






CM 


T* 


CO 


K3 


r-l 


o 




■* 


t^ 


■* 


SO 


t>- 


Tt< 


CM 


fcn 00 




CO 


rt< 


1— 1 


T— 1 


t>. 


CO 




lOi 


t^- 


Oi 


t^ 


l-H 


CO 


t>- 


j aj 
































<) » 




Oi 


O 


Oi 


Oi 


«-H 


Oi 




b* 


lO 


t^. 


"* 


so 


rti 


I-H 


•a c 

5 °" 




-4* 


lO 


o 


CM 


SO 


Oi 




■"*! 


rH 


CO 


"* 


CO 


SO 


l-H 




3& 


I-H 


1— 1 


I— 1 




■«* 




r-l 




l-H 


•—< 




















۩= 




۩< 






r-i 








S H 
































e 
































o 
































go 




co 


CM 


1— 1 


t- 


lO 


CO 




CO 


i— 1 


l-H 


SO 


SO 


l-H 


t>. 






Oi 


-* 


CO 


-* 


I— 1 


CM 




eo 


CM 


Oi 


CO 


so 


CM 


o 


fe 




OO 


CO 


CO 


l-H 


«* 


so^ 




t>- 


CM 


"rt< 


CO 


o 


Oi 


"^ 
































"O 




CO 


I--. 


o 


CM 


ao 


»o 




t>. 


l-H 


SO. 


Oi 


CM 


CO 


CO 






CM 


lO 


so 


GO 


■t* 


b- 




eo 


l-H 


co 


CO 


"SC 


CO 




03 




«t> 










CM 




i— i 




eo 


ia 








oo 














€& 




«f» 














« 
































X! 
































a! 
































H 
































2 d 




t>. 


lO 


CO 


lO 


r-l 


so 




CO 


CM 


i-H 


-* 


^ 


b~ 


o 


O O) 




Oi 


CO 


Oi 


1— 1 


CO 


t>. 




CO 


^ 


t-» 


CM 


"«*< 


t>- 


o 


o v 




°i 


co_ 


"*i 


o 


t^ 


co^ 




CO 


CO 


o 


O 


CO 


ia 


t— 


e & 


































CC? 


re 


Oi 


t^. 


so 


CO* 




lO 


lO 


CO 


l-H 


SO 


Oi 


Oi 


O -3. 




m 


o 


-* 


-* 


so 


CM 




so 


CM 


so 


CM 


l-H 


Oi 


CM 


3 a 




$& 


CO 


I— 1 


1— 1 




b- 




1— 1 




<— 1 


Oi 


f-H 


















€& 




۩= 














2 w 
































'3 *o 
































^ § 
































•0 




»a 


so 


CM 


o 


Oi 


CM 




o 


SO 


CM 


i-H 


o 


CM 


i-H 


O 
09 




CM 


o» 


tH 


t~ 


o 


tJ< 




iO 


Oi 


r-H 


CO 


-* 


CO 


CO 




CD 


"^ 


co^ 


l© 


l-H 


Oi^ 




co^ 


"<*< 


>o 


so 


t^ 


CM 


o 
































bo 




CO 


CO* 


oT 


CM* 


Oi 


CM* 




co" 


Oi 


o 


Oi 


Oi 


H 


Oi 


< 




CM 


■^ 


CM 


CM 




•»*< 




eo 


Tl< 


t^ 


^*< 


CM 


o 


CM 






CM 


00^ 


m 


CO 


CO 


CM 




so 




CO 


t* 


•**« 


CO 




© 

■*■> 




۩> 


l-H 








oo" 




€» 






•^ 








•a 














۩= 


















































33 
































Put 
















































CD 






• 








• 




oo 














« 


















W 














H 


















M 














-< 
















a 


fc 














H 






• 








• 


* 


«*! 














CQ 
















K 


Ph 






























Oh 


O 














Ph 






c 








if*. 


o 
o 


© 

CD 
H 














H 

o 
















o 


H 
W 
as 














o 


















P 
H 
O 

•< 

09 
CO 

-<{ 


03 
CO 

r* 

U 

n 


o 
o 

a 

w 

a 
r3 
o 
>-» 


73 

S3 

*J 

3 

00 

"S 

CQ 

S3 

r3 

o 

o3 

00 
CO 

03 

8 


73 

3 

s 

3 
03 

a 

CD 


Is 

3 

-r» 

CD 

-u 

03 
CO 


03 

"oS 
O 

H 


CO 

H 

M 

< 
Ph 

a 

o 
O 




73 

>H 

CD 

pa 

CD 
© 

3 
O 

o 

CD 
fl 

a 
o 
o 


-of 

3 

3 

■*-» 
3 
t> 

V> 

CD 
CD 

d 
a 
o 
o 


CD 

o3 
■♦-a 

"3 

a* 

m 


'3 

03 

a 

Sh 
CD 
© 


B 
o 

w 


• 

■cf 

3 
-i^ 

3 

CO 

03 

00 

3 
03 



STATISTICAL TABLES. 



CXX1X 





































■I-+ 


++ 




CM 


CO 


in 


CM 


I— 1 


lO 


CO 


»—i 


CM 


00 


o 


CM 


in 


o 


i— i 


m 


OS 


CO 


»-». 




O 


o 


t^ 


o 


I—l 


I-H 


00 


CO 


t^ 


o 


in 


OS 


oc 


t^ 


CO 


r^- 


eo 


TtH 


o 




00^ 


■^i. 


in 


r- 1 


co 


OS 


t^ 


co 


CO 


■^1 


CM 


CO 


OS 


00 


CO 


00 


CM 


CO 


CM 












































CO* 


in" 


CO*" 


CO 


©* 


CM 


CO 


co 


co 


oo 


m 


eo 


CO 


■* 


CO 


i— i 


OS 


•«# 


t^. 




in 


o 


I—l 


t^. 


CM 


o 


T* 


t^ 


o 


f— 1 


CM 


co 


CO 


t>- 


"* 


OS 


CM 


tH 


in 




T(^ 


«o 


°t 


t^ 


o 


CM 


I—l 


00 


CO 


oo 


i— I 


in 


in 


co 


CM^ 


CO 


T^ 


CM 


t^ 












































cm* 


in* 

I— 1 


co 


00 


CM 


CM 


OS 


■* 


I—l 


eo 


CM 


o 

i— i 


CM 


CM 


i-T 


i-H 


CM 


CO 
00 
1— 1 
۩= 


OS 

l-H 










































■fra 








































fl 


t^ 


CM 


o 


-* 


CM 


t^ 


OS 


CO 


co 


i—i 


i—l 


4< 


CM 


i— 1 


»>. 


OS 


i— I 


CO 


»o 





T*» 


i-H 


CO 


I—l 


CM 


co 


co 


I—l 


OS 


o 


OS 


in 


CM 


CO 


-^f 


00 


O 


-*l 


(O 


a 


(M 


CO 


CO 


CO 


•«*• 


t^ 


CO 


CO 


co_ 


t^. 


t^ 


r- 1 


t— 


in 


co^ 


CO 


r— 1 


t>^ 


CO 








































ce 

CO 


i— I 


© 


CO 


I—l 


m 


CO 


I—l 


t^. 


co" 


t— 1 


CO 


CO 


b» 


b- 


oo" 


"* 


00 


cm" 


erf 


«o 


1-. 


OS 


<M 


CM 


CO 


OS 


in 


00 


1— 1 


I— 1 


t^ 


CO 


CM 


CO 


1— 1 


i-H 


in 


CO 




CM 


OS 


CM 




OS 


CM 


i—i 




1— 1 






CO 


i— i 








-* 


t^ 




































in 


in 


73 




































۩= 


۩" 


43 

01 

"3 








































o 








































cS 


00 


OS 


co 


IG 


00 


CM 


t>. 


m 


eo 


in 


m 


co 


CM 


CO 


CO 


t^ 


CO 


t» 


CO 


c3 


os 


CO 


o 


CO 


CO 


co 


CM 


«>- 


co 


m 


i>- 


co 


■>* 


o 


o 


CM 


CO 


i—i 


CM 


a 


r— 1 


^ 


IQ 


OS 


CM 


CO 


CO 


co 


©^ 


o 


<■* 


r^ 


"* 


CO 


in 


CO 


CO 


CO 


i—l 


*j 








































^ 


OS 


in 


CO 


CO 


co 


in 


CM 


■—I 


i— i 


CO 


o 


CO 


CO 


"* 


r— 1 


t^ 


CO 


m 


in 


T*< 


». 


CM 


CM 


00 


CM 


CO 


in 


i>- 


OS 


o 


00 


00 


CO 


CO 


OS 


CO 


t^ 


t^ 


1—1 


CO 


cq^ 
1—1 


1—1 




CO 


CM 


i— i 






I— 1 


CO 




1—1 








CO 


in 


c-f 

to 








































c 










































00 


os 


CO 


tH 


o 


«a 


o 


r— 


i—i 


1—1 


I—l 


00 


o 


t^. 


OS 


in 


eo 


CO 


■* 


73 


t^ 


!>. 


co 


o 


(M 


OS 


i^. 


o 


CO 


00 


I—l 


CM 


1— 1 


in 


CM 


CO 


CO 


CM 


m 


<N 


I— 1 


■^ 


"* 


i—l 


t^ 


Tf< 


CM 


CM 


I—l 


in 


in 


o 


t^- 


CO 


OS 


t^ 


CM 


00 


o 








































a 


CO 


t^ 


1— 1 


CM 


m 


CO 


i—l 


OS 


in 


CO 


•—I 


Tt« 


b- 


00 


CM 


co 


■* 


CO 


CO 


m 


CM 


I— 1 


CO 


t^ 


CM 


CO 


CO 


CO 


t>- 


CO 


1— 1 


m 


m 


CO 


CM 


CM 


t^ 


«* 




CM 


CO 


CM 




Tf< 


CM 


r— 1 








CM 












t>- 


o^ 


o 
S5 








4 




























CO 


tjT 




































€©• 


m= 








































++ 


© 


CO 


00 


CO 


!>. 


OS 


00 


OS 


o 


I—l 


OS 


t^ 


•—I 


t-» 


i-H 


t^ 


CO 


in 


i-H 




CO 


o 


m 


00 


OS 


CM 


CO 


co 


co 


OS 


CO 


in 


o 


CO 


CO 


m 


-* 


t^ 


in 




co 


CM 


CO 


■«# 


CO 


t>- 


OS 


CO 


■*f 


(-«. 


OS 


m 


in 


CO 


CO 


i—i 


CO 


i-^ 


CM 


« 








































co 


t^- 


t^ 


OS 


CO 


o 


in 


o 


eo 


CO 


t>- 


i-H 


!-* 


00 


co 


Tj< 


OS 


o 


CO 


OQ 


CM 


i—l 


T* 


tr^ 


00 


m 


■«+i 


t^. 


OS 


t^. 


CO 


o 


00 


CO 


00 


t«- 


CM 


CO 


81 


(3 


i— I 


CM 


co^ 


CM 




OS 


•* 


I— 1 




1—1 


1— 1 


00 




1— 1 






r— 1 


in 


CO 
Oh 










































i— I 


1— 1 
































oo" 


CO 

© 

43 
05 

*3 

3> 








































CO 










































i-H 


OS 


CO 


•O 


OS 


I— 1 


CO 


CM 


tH 


CM 


CO 


o 


o 


lO 


OS 


m 


CO 


OS 


I-H 


98 

co 


CM 


in 


OS 


t-^ 


CO 


'"tl 


Tfl 


i—l 


o 


CM 


•* 


o 


00 


CO 


t- 


OS 


f— 1 


m 


o 


«o 


CM 


t^ 


TjH 


O. 


CO 


in 


CO 


OS 


CO 


CM 


CM 


t^ 


t^ 


t>- 


CO 


1— 1 


cq 


CO 








































SB 

a 


t>T 


CO 


OS 


OS 


00 


t^. 


OS 


1—1 


t>. 


1— 1 


CO 


"# 


t^ 


in 


r^- 


m 


CO 


t>T 


co" 


CO 


© 


OS 


r- 1 


m 


TH 


i—i 


o 


I>. 


I—l 


m 


tJ< 


o 


in 


m 


o 


i-H 


co 


00 


CM 


°i. 


r* 


00 


tH 


© 


CO 


CO 


CM 


■* 


CO 


~*L 


CO 


m 


CM 


CM 


CO 


ay 


i-H 


73 

a 




iO* 


CO 






in 


i—i 










rf 












tH" 


co" 




































CO 


eo 


13 




































۩= 


۩= 


Q 
M 




















' 




















ED 








































h 








































SO 








































a 
















































































a 








































CS 








































M 








































CO 
















































































S3 








































co 




























































-t-T 

a 

J- 
















& 


• 


-o 

00 

a 

.9 

T3 

E3 


































OS 




"co 


































,3 




c 














o3 

a 
•+a 

a 

a 

a 

sh 

CD 






CH 
















CQ 




M 














• 


.. 


T5 

a 

03 


00* 

a 














u 

CD 

,a 


oT 


# 


S3 
e3 

4-a 

♦a 

o3 

,a 
a 


a* 

0s 


. 


+3 

a 


. 




'3 

a 

a 

a 

a 

CD 

Ph 


a 

-1-3 

a 


CD 

3 


o3 




. 


*3 

H 


"3 
a 

-t-a 

a 

a 
o 

a 


oo" 
CD 


a 


o 

C|_ 

O 


"3 
+^ 
o 

■•-> 




-t-3 

o 

CD 


13 
a 


m 
Is 

+3 

a 


"3 
.2 


M 
u 
o 

I* 

CD 


4-> 
03 

CD 

fs 

u 
o 

525 


a 
8 


a 

CD 

S 
*> 

o 

U 

Ph 


+3 

a 

CD 

o 

s- 

Ph 


[3 

a 

CD 

a 

Ph 


"oa 
u 

CD 

> 

a 
H 
H 


a 

CD 

o 

a 
o 

a 


02 
02 

CD 

"a 


o 

a 

05 


CO 

"3 
o 
H 


a 

u 





cxxx 



STATISTICAL TABLES. 



03 

w 

Ph 
M 

ft 

o 



H 



H 





ao 




-* 


rH 


t^- 


T« 


b- 






co 


CO 


CO 


i-H 


00 


© 




lO 






os 


I— 1 


CO 


CO 


CO 


1 




!>; 


OS 


U3 


OS 


CO 


l-H 




© 




ac 




























l-H 




-H 




H 


































ao 

3D 

ao 




CM 


o 


«3 


I— 1 


CO 






OS 


co 


CO 


o 


1— 1 


tH 




CM 






OS 


OS 


OS 


t^ 


oo 






t^ 


OS 


»o 


OS 


© 


© 




CM 




























I-H 


I-H 




l-H 




H 


















^ 
















90 




© 


t~- 


lO 


o 


OS 






CO 


CO 


OS 


m 


© 


CM 




CM 






OS 


OS 


OS 


t^ 


oo 


! 




CO 


os 


K5 


OS 


© 


i-H 


. 


TjH 




ao 


























I-H 


l-H 




i-H 


co 


H 


































© 

3D 

H 




CM 


t— 1 


tH 


OS 


lO 


oo 




OS 


OS 


(^ 


o 


CM 


t^ 




© 







OS 


o 


o 


CO 


OS 


CO 




t^ 


OS 


>o 


o 


© 


© 




CM 


H 
<! 
M 
o 

3 






i-H 


1— t 
















r-H 


1—4 


i-H 


1 


i-H 


. 




o 


o 


1—1 


oo 


•a 


■ 




o 


h~ 


o 


CO 


Oi 


CO 




© 


9) 

at) 




OS 


I— 1 


o 


CO 


OS 


CO 




oo 


OS 


co 


OS 


© 


i-H 




1— 1 






I— 1 


f— 1 


















i-H 


t— 1 




r-H 


o 


H 


































09 






































































M 


01 




CM 


o 


tH 


OS 


CO 


o 




CO 


CO 


i-H 


»o 


© 


CO 




i-H 




OS 


C} 


© 


CO 


OS 


OS 




t-- 


o 


CO 


oo 


CM 


(M 


1 


1— 1 


O 


ac 






I— 1 


1— 1 












i-H 






I— 1 


1—4 




i-H 


O 


H 


































. 




to 


t^ 


os 


•* 


TjH 


o 




CM 


lO 


OS 


co 


(M 


TJH 




© 




M 
05 
90 




00 


-* 


OS 


CO 


CO 


CO 




t^. 


OS 


lO 


00 


r— 1 


lO 




£M 








1— 1 




















i-H 


i-H 




1—4 




H 


































O 
90 




© 


CM 


CM 


T— 1 


to 


■* 




co 


OS 


o 


© 


t— 


»o 


b- 


i-H 






00 


CO 


OS 


CO 


CO 


00 




t>. 


00 


CO 


oo 


© 


TH 


t^ 


r-H 








l-H 




















l-H 


r-H 




i-H 




H 
























1 










. 




i— 1 


lO 


o 


■* 


OS 


oo 




o 


OS 


CM 


© 


CM 


t^ 


CM 


lO 




10 
OS 

ao 




OS 


t— 


os 


CO 


00 


CO 




t^ 


CO 


CO 


oo 


© 


CO 


© 


l-H 








I— 1 






















i-H 




i-H 




* 






































WS 


CO 


\a 


OS 


f— 1 


00 




1— I 


o 


■* 


i-H 


CO 


CM 


CO 


lO 






oo 


00 


co 


CO 


oo 


00 




CO 


OS 


CO 


CO 


© 


CM 


CO 


© 


eS 






i— I 






















I-H 




i-H 


H 








































++ 












<-o> 








6= 








* 




t^ 


© 


o 


CO 


1— 1 


l>- 




CM 


OS 


«o 


CM 


lO 


CO 


© 


t^ 




OS 


T* 


tH 


oo 


t— 


CO 




t- 


CM 


I-H 


© 


CM 


r-~ 


lO 


l>- 






o 


I— 1 


lO 


CO 


OS 


I— 1 




o 


I— 1 


o 


CO 


00 


© 


CO 


l>- 








































CM 


o 


00 


1— 1 


|Q 


CO 




CO 


•O 


CO 


© 


© 


CM 


CO 


© 


c 




© 


o 


^ 


CO 


as 


CO 




lO 


o 


i-H 


lO 


oo 




t- 


CM 


a 




co 


o 


CO 


CO 


■xf 


CO 




I— 1 


I-H 


o 


CO 


«D 


to 




© 




€& 






























xi 












CM 




I— 1 




i-H 


t^ 










ft 














۩= 




۩= 






















4- 




















— 












t^ 




i— 1 


"«*« 


CM 


la 




!— 1 


lO 


1—1 


CM 


© 


t^ 


XO 


t>. 






OS 


© 


© 


«>. 


CM 


l-H 




o 


CO 


rH 


i-H 


tH 


© 


-* 


© 


a . 




OS 


o 


CO 


lO 


1—1 


■— 1 




CO 


i-H 


CO 


CO 


^ 


"* 


© 


CO 


8 ^ 




co 


>ra 


OS 


CO 


CO 


r-4 




w— t 


I— 1 


CM 


»o 


CM 


© 


I-H 


© 




CO 


00 


CO 


OS 


co 


ia 




CO 


CO 


co 


© 


00 


© 


Tt4 


CO 


■< s 




TjH 


CO 


OS 


CM 


I—I 


CM 




CO 


CO 


!>• 


00 


CO 




© 


© 


Si M 




CM 


f^ 


OS 


OS 


I-H 


o 




CM 


1—1 


t^ 


CO 


© 


CN 


CO 


c£ 




tM 


CM 


OS 


OS 


co 


CO 




Ttl 


i-H 


lO 


i-H 


t^ 


-* 




»o 


o> 




fifr 










CO 




i-H 




t— 1 


© 










§ 














€&= 




€^ 


















00 
M 














CO 

H 
H 




















15 

Ph 
































< 


o 
o 














Ph 


















Cm 














pa 


















o 
















H 


















o 


H 
H 


• 


• 


^ 





• 


• 


o 


















ft 






o3 


"3 
a 

-4-3 

a 

a 
co 






pM 


















o 


Ph 






a 






o 




r— r 


" 














3 

3 


CO 

o 

CO 
CO 

<«! 

3 


CO 

co 


M 
o 

o 
co 

S3 
03 

w 

a 
O 


-4-3 

pi 

to 

-4-3 
■*-» 

CO 
CO 

,a 
co 
s3 

CO 

co 

o3 


"3 

a 

+3 

3 

as 

-4-3 

OS 

-4J 

02 


CO 

o 

H 


CO 

w 

M 

125 

-0 
Ph 

o 

a 


of 

-4-3 


Cj 

u 
<a 
a 
<a 

o 

+3 

"8 

as 

a 

S3 

o 
o 


a 

a 

-4-3 

a 

-t-3 

a 

o 
'-3 
CO 

co 

a 
a 
o 
o 


CO 
c3 

-4-3 

a 


a 

a 

Sh 

CO 

o 


CO 

s 

o 

w 


"3 
a 

•4-3 

a 

CO 

e3 

CO 

a 
a 

M 


a" 

83 

-1-3 

•*3 

03 

,a 
a 

o3 









STATISTICAL TABLES. 



CXXX1 



t>. to 



00 rt< to CM 

t^ Tfl CD ■— ' 



P 73 



OS © to CM 

t-» CD 0O O 



es «5 



OS t-» to 

CO to 00 

I I I 





t 






0) 


o 


c 


a 




3D 





P 


,Q 


,a 






rl 


08 




— 










3 





TJ 


T3 



OS .— I r* CO 

CO CO OO CM 

I I I • 



OS 

QO 


00 
1— 1 


OO 
CD 


o 


1—1 


i—4 


OO 




OS 

CO 


00 

CD 




OS 
CO 


CO 

r— 1 


CO 
CM 


CO 

o 


CO 

o 


CD 

OS 


tO 
OS 


i— 1 


I— 1 




i-H 


1—1 
















r-H 


i-H 


i-H 


l-H 






I-H 

o 


I— 1 


CO 
CO 


CM 

o 


o 


00 
CO 


00 


CM 


lO 
CO 


OO 
CD 


CO 
W5 


CO 
CO 


tO 

o 


I-H 


to 
o 


CO 

o 


CM 

OS 


i-H 

OS 


CM 


l-H 




1— 1 


1— 1 






1—1 






1— 1 




l-H 


?-H 


r-H 


i-H 






CO 


1—1 


0O 
CO 


OS 
1— 1 


CD 
OS 


00 
CO 


1—1 
OO 


CO 


. — 1 


CO 


i-H 

OS 


00 
CO 


o 


CO 
I-H 


l-H 

o 


CM 

o 


I-H 

OS 


i-H 

OS 


I-H 


i-H 




1—1 








I-H 






1— I 




i-H 


r-H 


i-H 


i-H 






OO 


00 

o 


CO 


OS 
OS 


tO 

OS 


OO 
CO 


OO 


co 
<M 


OS 

CO 




CO 

to 


00 

CD 


o 
o 


CO 

i-H 


CO 

o 


OS 

o 


o 

OS 


o 

OS 


1—1 


i-H 












i-H 






l-H 




I-H 


1—1 


i-H 


l-H 







++ 












CO 


CO 


h~ 


tH 


t-- 


CO 


o 


CM 


CM 


OS 


CM 


on 


OO 


CO 


CO 


OS 


lO 


O 














CO 


l>. 


tO 


o 


CM 


<X> 


CM 


00 


00 


o 


to 


CM 


<* 


t~ 


Tf« 


t~- 


t>- 


Id 



on 


OS 


i-H 


•** 


CO 


CM 


to 


CO 


00 


to 


fM 


(M 


-* 


o 


CM 


co 


on 


t— 


■*H 


o 


os 


co 


CO 


CO 


CM 


tO 


t-~ 


b- 


CM 


to 


00 


CO 


on 
























r^ 


o 


■* 


CO 


■* 


l-H 


lO 


lO 




o 


CO 


o 


CO 


CM 


OS 


OS 


OS 


CO 


o 


CO 


t^ 


to 


to 


lr~ 


CO 


tO 


to 


00 


Tfl 


Tf 


tO 


CO 

o 


CO 



€©= €©• 



o o 

as « 

a a 

5 o 

ft g» 

Ctf o 





03 


m 


09 


5 


« 


,2 


a 




<JU 


.2 
'5 


3 


3 


3 


■a 




a 


03 


•■H 


3 


be -a 


a 


a 






P 




CJ 

n 


-a 




p 



+- 














lO 


tH 


CO 


t^ 


00 


CM 


-HH 


00 


on 


Th 


00 


OO 


co 


OS 


r-- 


OO 


CO 


i-H 


OS 


to 


»o 
















CO 


tH 


to 


OS 


l-H 


CO 


o 


>o 


OS 


l-H 


OS 


CM 


I-H 


h- 


to 


i-H 


^t" 


o 


OS 


e<i 


CO 
















on 


00 


l-H 


l—> 


CM 


■* 


fM 


CM 


o 


CM 


tr~ 


i-H 


»>. 


CO 




OS 


CM 




00 


CO 


i-H 



cT 



CM 
O 

CO 



OS_ 

o 



■^1 

co 
o 



>o 

OS 



OS 
OS 



o 



CO 

co 

CO 



CO 

fr- 
ee 

o 






a 



.IS 01 
Ch T3 

a ^ 
° a 

«M CO 

O tJ 

*a tfc 

a> a 

si 

T3 a 

P ■« 

1 o 



3 
ft 



o 

Oh 

o 



cH 



OS 

a 
o 



B3 

O 
pi 



cc! 



(h 

O 

CD 



CO J3 



+^ 
(H 
O 



a 

Ph 



• 


-d 




a 


^s* 


ej 


oS 

s 


«4H 






s 


h-1 


a 


fl 


i^ 


at 




Tt 


n 




8 


>- 
O 


-a 


Sh 


Ph 


Ph 



bo 

fl 

•-H 

CQ 
j-> 
fl 
<o 



•S °° 



— .Si 0) 



o 
•-i 



-d 

Pm 



fl 

CO 

O 

fl 
o 



ce 
fl 
fl 

fl 

o 



t/2 
t3 



fl 
O 
-u 
bo 

fl 



5 . is °° 



© 

Jh 

c 

O 
«H 

O 



o 

H 



03 

O 

fl 
o3 
u 

o 



H 

P 



fl 



a 
P 



CXXX11 



STATISTICAL TABLES. 



m. 

P 
en 



<t! 




w 




a 




o 




H 




CO 




w 




CO 




CO 




o 




1-1 




Eh 




o 




CO 




M 


i— i 





CO 


w 




H 


a 




CO 


M 


a 
.Q 




-4-3 


Cm 


co 
3 


o 


r& 


fcn 


a 


CO 

o 

M 

H 


co 

a 

o 


«« 


a 


tf 


-1-3 

o 


ft 


a 


^ 


CD 


<J 


O 


Ph 


CD 


<4 


JO. 


w 


ci 


h 


CO 




.a 


w 


H 


w 


i_J 


H 









fc 




M 




M 




P 




Q . 




W 




H 




«! 




W 




ft 




h 




M 





I-H 

o 



H 
W 

H 



*U8AlS 
































to 


. 1—1 


CO 


•* 


«o 


OJ 


CO 


tW 


CN 


l~- 


CO 


«o 


CN 




SJBQJt 9ATj[ etfl 


-cH 


lO 


1>J 


l-H 


OJ 


"* 


CN 


CO 


IO 


OJ 


OJ 


CO 


p 






t-H 


r- 1 


l-H 


r-H 




CM* 


l-H 


i-H 


i-H 


l-H 




i-H 


i-H 




JOJ 9SBJ9AV 


































i— 1 


i— 1 


CO 


lO 


o 


CD 


00 


CN 


OJ 


OJ 


CO 


i-H 


t^ 







8* 


in 


"# 


t^ 


CM 


o 


■«* 


o 


CO 


CO 


OJ 


OJ 


l>- 


l-H 




w 


os 




























1 


K 


(XI 






























P 

as 


PH 






























5 
































l-H 
H 
p 






























































. 


co 


CO 


1—1 


m 


o 


CO 


co 


eo 


co 


CO 


co 


CO 


-rH 




O 


M 


o 


CO 


00 


i— i 


p 


CO 


CN 


CO 


■<*< 


00 


OJ 


t>- 


OJ 




S 


OS 






















• 


I-H 


• 


1 


^ 


00 

H 






























fc 
































«* 
H 






























































§ 




































CM 


T5 


OJ 


tH 


CM 


o 


OJ 


t^ 


CD 


CO 


CD 


i-H 


i-H 


l-H 


O 


^ 


Tf 


tH 


CO 


O 


o 


m 


CN 


CN 


-st« 




t» 


IO 


o 


CO 


H 


OS 

OB 


i— I 


i—i 


l-H 


i-H 


I-H 


CM 


l-H 


i-H 


I-H 


CN 




1— 1 


l-H 


i-H 


aj 


IN 






























O 
































ft 

































































































• 


J-H 


lO 


OJ 


CO 


OO 


OJ 


T* 


t~^ 


00 


o 


CO 


r-H 


T« 


■>* 


13 


W 


tH 


TjH 


t>. 


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STATISTICAL TABLES. 



CXXXVil 



* * 


* 


* 


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MASSACHUSETTS 

LIFE INSURANCE COMPANIES 



Detailed Statement of Assets and Liabilities, with Abstract 

of Annual Statements, for the Year ending 

December 31, 1896. 



DETAILED STATEMENTS OF ASSETS AND LIABILITIES. 



BERKSHIRE LIFE INSURANCE COMPANY, PITTSFIELD. 

[Incorporated May, 1851. Commenced business Sept. 4, 1851.] 
Paid-up Capital, $25,500. 

William R. Plunkett, President. James W. Hull, Secretary. 



Income. 

Received for premiums on new policies, .... 

Received for renewal premiums, 

Dividends applied to purchase paid-up additions and annuities 



Total, ...... 

Deduct amount paid for reinsurance, 

Total premium income, 
Received for interest, 

for rents of company's property, 

for reinsurance, 
Premium notes or loans restored, 



Total income, .... 
Net or ledger assets Dec. 31, 1895, . 

Total, ...... 



$194,032 11 

1,232,380 53 

261,749 83 

$1,688,162 47 
20,251 01 

$1,667,911 46 

317,549 46 

22,935 24 

5,004 00 

1,431 93 



$2,014,832 09 
6,715,787 65 

$8,730,619 74 



Disbursements. 

Paid for losses and additions, 

Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 
Premium notes or loans voided by lapse, 
Cash dividends paid policy holders, 
Cash dividends applied to purchase paid-up additions and 
annuities, ...... 

Surrender values paid in cash, . 

Total paid policy holders, . 
Cash paid for dividends to stockholders, . 

for commissions and bonuses to agents (new poli 

cies, $107,440.68 ; renewals, $88,225.35), . 
for salaries and allowances to managers and agents 
for medical examiner's fees, . 
for salaries of officers and home office employees, 



$405,947 00 
65,823 00 

$471,770 00 

3,091 30 

7 92 

261,749 83 
390,309 64 

1,126,928 69 
1,785 00 

195,666 03 

32,958 93 

15,827 00 

41,170 10 



BERKSHIRE LIFE INSURANCE COMPANY. 



Cash paid for taxes on new premiums, $1,568.11 ; on re- 
newals, $9,675.18,. 
for taxes on reserves, 
for taxes on real estate, 
for fees, licenses, etc., 
for rent, . 

for advertising, printing and postage, 
for legal expenses, .... 
for furniture and office fixtures, 
for real estate expenses (except taxes), 
for incidentals, ..... 

On account depreciation, 

Total disbursements, . . . 
Balance, • 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 
Cash in company's office, 
Cash deposited in bank, 
Bills receivable, 
Agents' debit balances, 
Agents' personal loans, 

Total, . 
Deduct credit balances, 

Total net or ledger assets, as per balance, 



$11,243 29 

7,257 30 

5,661 02 

2,731 74 

14,226 71 

20,184 10 

618 46 

1,229 12 

9,364 44 

13,068 31 

7,055 27 

$1,506,975 51 

$7,223,644 23 



$467,674 96 

4,865,217 12 

290,909 11 

103,319 44 

1,034,351 61 

247 93 

447,424 69 

1,250 00 

19,493 24 

2,994 88 

$7,232,882 98 
9,238 75 

$7,223,644 23 



Other Assets. 

Interest due and accrued, 

Market value of stocks and bonds over cost, . 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, 

Total, ... 
Deduct loading (20 per cent.), 

Net amount of uncollected and 
deferred premiums, 



New Business. 

$14,242 85 

29,882 98 

$44,125 83 
8,825 16 



Renewals. 

$41,371 46 

120,675 17 

$162,046 63 
32,409 33 



$35,300 67 $129,637 SO 



109,829 70 
26,360 89 



Total assets, per company's books, 



164,937 97 
',524,772 79 



BERKSHIRE LIFE INSURANCE COMPANY. 



Items not admitted. 
Agents 1 debit balances, .... 

C? 7 

Loans on personal security, 

Bills receivable, 

Total, 

Total admitted assets, 



493 24 
2,994 88 
1,250 00 



$23,738 12 
',501,034 67 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries 1 4 per cent.), 
Deduct net value of reinsured risks, 



Net reserve, 

Matured endowments due and unpaid, 
Death losses in process of adjustment, 

Total policy claims, .... 
Unpaid dividends of surplus due policy holder 
Premiums paid in advance, 

Liabilities as to policy holders, . 
Surplus as regards policy holders, . 

Paid-up capital, 

Surplus over capital, .... 

Gross liabilities, .... 



$1,462 73 
42,411 00 



$745,434 32 



5,800,131 00 
94,374 00 

1,705,757 00 



43,873 73 
494 04 

5,475 58 

5,755,600 35 

25,500 00 
719,934 32 

' ,501,034 67 



Premium Note Account. 



Premium notes on hand Dec. 31, 1895, 

rec'd during 1896 (old policies), 

restored by revival of policies, 

Total, ...... 

Used in payment of losses and claims, 
Used in purchase of surrendered policies 
Voided by lapse, .... 

Redeemed by maker in cash, . 
Total, . . . . 

Balance note assets Dec. 31, 1896, 



$110,937 70 

16,194 58 

1,431 93 



- $128,564 21 



,279 81 

6,021 06 

3,091 30 

4,852 60 



25,244 77 
$103,319 44 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 





Number. 


Amount. Total No. 


Total Amount. 


Whole life, 


. 13,115 


$33,966,795 00 




Endowment, 


. 2,717 


6,581,924 00 




All other, . 


81 


152,700 00 




Reversionary additions, 


. 


898,139 00 









15,913 


$41,599,558 00 



BERKSHIRE LIFE INSURANCE COMPANY. 



Whole life, 
Endowment, 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

Number. Amount. Total No. 

. 2,636 |6,104,350 00 

316 787,500 00 
■ 2,952 

Old Policies revived. 



Total Amount. 



1,891,850 00 



122 
9 
1 



$138,617 00 
6,059 00 
5,000 00 



132 



Additions by dividends, 
Total, . 



149,676 00 
544,347 00 



18,997 f49,185,431 00 



Whole life, 
Endowment, 
All other, . 



By death, . 
maturity, 
expiry, 
surrender, 
lapse, . 

Not taken, . 



Policies terminated during the Year. 

. 1,973 $4,732,995 00 

311 779,623 00 

7 404,378 00 



2,291 


$5,916,996 00 


How terminated. 


165 


$433,902 00 


33 


65,873 00 


6 


7,000 00 


495 


1,621,775 00 


977 


2,314,196 00 


615 


1,474,250 00 



2,291 5,916,996 00 



Policies in Force Dec. 31, 1896. 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



13,900 $35,476,767 00 

2,731 6,595,860 00 

75 145,700 00 

1,050,108 00 



16,706 43,268,435 00 



Schedule A. 
Securities held as Collateral. 

Market Value. Loaned Thereon. 

10 shares Pittsfield Coal Gas Co., . . . f 2,000 00 $700 00 

12 " Pittsfield National Bank, . . 1,800 00 1,134 11 

27 " Boston & Albany R.R. Co., . . 5,643 00 2,700 00 

27 " Boston & Albany R.R. Co., . . 5,643 00^ 

16 " Stockbridge & Pittsfield R.R. Co., . 2,240 00 > 16,000 00 

75 " Third National Bank of Pittsfield, . 15,000 00 ) 

7 " Pontoosuc Woolen Co., . . . 10,500 00 1,000 00 



BERKSHIRE LIFE INSURANCE COMPANY. 



Market Value. Loaned Thereon. 



122 shares Massasoit Paper Co., 
50 " Third National Bank of Pittsfield, 
15 " Springfield Gas Light Co , 
5 " New Bedford Gas Light Co., . 
5 " Merchants' Nat'l Bank of Boston, 

3 " Western Nat'l Bank of New York 
32 " Pittsfield Coal Gas Co., . 
13 " National Mahaiwe Bank, 

•12 " Stockbridge & Pittsfield R.R. Co., 
12 " Pittsfield National Bank, 
20 " Millerton National Bank, 
54 " Boston & Albany R.R. Co., 

500 " Jackson, Lansing & Sag. R R. Co 

Life insurance policies ($20,000), 

Michigan Central R.R. Co. bonds, . 
30 shares Agricultural Nat'l Bank, Pittsfield 
20 " Com. National Bank of Chicago, 

4 " Agricultural Nat'l Bank, Pittsfield 
12 " Pittsfield National Bank, 

10 " Third National Bank, Pittsfield, 
20 " Chicago, Bur. & Quincy R.R. Co., 
10 " Agricultural Nat'l Bank, Pittsfield 
10 " Pittsfield Coal Gas Co., . 

7 " Pittsfield National Bank, 
20 " Pittsfield National Bank, 

383 " Smith Paper Co. of Lee, . 
Town of Ancram, N. Y., bond, 

35 shares Adams Express Co., 
9 " Boston & Albany R.R. Co., 
Indianapolis & St. Louis R.R. bonds, 
Rio Grande Western R.R, bonds, 
Wisconsin Central R.R. bonds, . 
Pittsburg, Ft. Wayne & Chicago R.R. bonds, 
Milwaukee & Lake Winnebago R.R. bonds, 
Territory of Arizona bonds, 

75 shares American Telegraph Cable Co., 
100 " Pittsfield Electric Co., . 

23 " Pittsfield Electric Street R'y Co., 
St. Louis & Iron Mt. bonds, 

5 shares Agricultural Nat'l Bank, Pittsfield 

8 " Boston & Albany R.R. Co., . 
10 " Boston & Albany R.R. Co., . 
12 " American Bell Telephone Co., 
22 " Pullman's Palace Car Co., 

City of Somerville, Mass,, bonds, 
Fitchburg Railway Co. bonds, . 
10 shares Mercantile Trust Co , N. Y., 



$20,740 00 


$15,000 00 


10,000 00 ) 




2,100 00 




600 00 


8,800 00 


750 00 




330 00 




6,400 00 J 




1,950 00 < 
1,680 00 i 


3,000 00 


1,800 00 


1,200 00 


2,000 00 


1,800 00 


11,286 00 


7,625 00 


40,000 00 i 


• 35,000 00 


2,240 00 


1,850 00 


7,500 00 i 
6,000 00 ( 


« 10,000 00 


1,000 00 


100 00 


1,800 00 


1,200 00 


2,000 00 


1,500 00 


1,400 00 


1,250 00 


2,500 00 


650 00 


2,000 00 \ 
1,050 00 ! 


► 2,500 00 

> 


3,000 00 


2,000 00 


38,300 00 


18,000 00 


1,200 00 


1,000 00 



5,250 00 
1,881 00 
8,400 001 
3,700 00 
1,600 00 
9,450 00 
6,000 00 } 
5,000 00 
7,125 00 

10,000 00 
2,300 00 J 

67,500 00 
1,250 00 
1,672 00 
2,090 00 
2,460 00 
3,322 00 

28,476 00 

25,187 50 
4,500 00 



3,900 00 



45,000 00 



50,000 00 
2,500 00 

2,000 00 

2,000 00 

47,500 00 

4,000 00 



$409,615 50 $290,909 11 



8 



BERKSHIRE LIFE INSURANCE COMPANY. 



Schedule B. 

Stocks and Bonds owned by the Company. 



246 shares Pittsfield National Bank, 
300 " Agricultural National Bank, 
250 " Adams National Bank, . 

1,200 " Commercial Union Tel. Co., 
121 " Berkshire Railroad Company, 
185 " Stockbridge & Pittsfield Railroad 
200 " Chicago & Northwestern R.R., 
100 " Lake Shore & Mich. Southern R.R. 
100 " Pullman's Palace Car Co., . 
114 " Northwestern Tel. Co., 
100 " Delaware & Hudson Canal Co., 
100 " Central R.R. Co. of New Jersey, 
220 « N. Y. C. &. H. R. R.R. Co., 

United States bonds, .... 

New York & New England R.R. bonds, 

St. Louis & Iron Mountain R.R. bonds, 

N. Y. Central & H. R. R.R. bonds, . 

Pittsfield Fire District bonds, . 

Hinsdale Fire District bonds, . 

Readsborough Fire District bonds, . 

Burlington & Missouri River R.R. bonds, 

Michigan Central R.R. bonds, . 

Chicago & Western Indiana R.R. bonds, 

Chicago, Burlington & Quincy R.R. bonds, 

Louisiana & Missouri River R.R. bonds, 

Iowa Falls & Sioux City R.R. bonds, 

West Indianapolis bonds, . 

New York & New Jersey Tel. Co. bonds 

Pittsfield Electric Street R.R. bonds 

Chicago, Wis. & Minn. R.R. bonds, 

Berkshire County loan, 

Dalton Fire District bonds, 

Town of Dalton loan, 

City of Pittsfield loan, 

Town of Cheshire loan, . 

Town of Lanesborough loan, 

Town of Hinsdale loan, . 



Cost Value. 

$35,719 00 
60,000 00 
31,250 00 
28,450 00 
13,915 00 
21,275 00 
20,959 00 
13,300 00 
15,850 00 

5,976 50 
12,600 00 

9,900 00 
22,550 00 
128,720 25 
38,725 00 
10,000 00 
31,500 00 
52,500 00 
30,000 00 

9,000 00 
28,187 50 

8,850 00 
10,750 00 
10,925 00 
10,635 00 

9,675 00 
19,805 00 
25,984 36 
15,000 00 

9,000 00 

36,850 00 

30,000 00 

20,100 00 

197,850 00 

4,000 00 

4,000 00 
550 00 



Market Value. 
$36,900 00 

75,000 00 
30,000 00 
30,000 00 
16,940 00 
25,900 00 
20,300 00 
15,000 00 
15,100 00 

5,842 50 
11,100 00 
10,000 00 
20,240 00 
132,000 00 
40,600 00 
10,000 00 
31,500 00 
51,500 00 
30,000 00 

9,000 00 
28,750 00 

8,960 00 
11,500 00 
11,500 00 
11,250 00 

9,920 00 
20,160 00 
26,250 00 
15,000 00 

9,000 00 

35,000 00 

30,000 00 

20,100 00 

197,850 00 

4,000 00 

4,000 00 
550 00 



.,034,351 61 $1,060,712 50 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, 

BOSTON. 

[Incorporated April 21, 1862. Commenced business Dec. 27, 1862 ] 

Stephen H. Rhodes, President. Roland O. Lamb, Secretary. 

Principal Office, Devonshire Street. 



Income. 

Received for premiums on new policies (regular), 
for renewal premiums (regular), 

for industrial premiums, 

Dividends applied to pay running premiums (regular), 

to pay running premiums (industrial), 
to purchase paid-up additions and annuities, 
Surrender values applied to purchase paid-up insurance and 
annuities, 



Total, 

Deduct amount paid for reinsurance, 

Total premium income, .... 

Received for interest, .... 

as discount on claims paid in advance, 
for rents of company's property, 
for reinsurance, .... 

Premium notes or loaus restored, 

Agents 1 deposits, 

Incidentals, . 



Total income, 
Net or ledger assets Dec. 31, 1895, 



Total, 



|276,362 78 
644,452 96 

4,048,156 09 

112,623 62 

126,826 60 

14,113 90 

962 71 

$5,223,498 66 
6,291 75 

15,217,206 91 

305,573 52 

159 98 

96,919 43 

762 48 

46 45 

2,857 85 

3,498 00 

$5,627,024 62 
7,372,794 43 

$12,999,819 05 



Disbursements. 

Paid for losses and additions,* 

Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 

Net amount paid for losses and endowments, . 

Paid to annuitants, 

Premium notes or loans voided by lapse, 



.,658,707 89 
18,908 68 

L,677,616 57 
15,000 00 

.,662,616 57 
1,088 63 
2,231 40 



* Includes industrial losses, $1,385,072.11. 



10 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



Cash dividends paid policy holders, 

applied to pay running premiums (regular), 

to pay running premiums (industrial), 

to purchase paid-up additions and 

annuities, 

Surrender values paid in cash, 

Surrender values applied to purchase paid-up insurance and 
annuities, . 



Total paid policy holders, 

Cash paid for commissions and bonuses to agents, . 

for salaries and allowances to managers and agents 

for medical examiner's fees and inspections, 

for salaries of officers and home office employees 

for taxes on premiums, . 

for taxes on reserves, 

for taxes on real estate, . 

for fees, licenses, etc., 

for rent, . 

for commuting commissions, 

for advertising, printing and postage, 

for legal expenses, . 

for furniture and office fixtures, 

for real estate expenses (except taxes), 

for loss on sales of property, . 

for incidentals, .... 
On account depreciation, 

Total disbursements, 



Balance, $8,478,626 40 



$1,776 52 
112,623 62 
126,826 60 

14,113 90 
153,438 59 

962 71 

12,075,678 54 

1,344,500 89 

464,182 02 

155,352 44 

151,982 52 

30,458 87 

10,514 38 

9,453 12 

6,915 87 

68,127 24 

34,913 36 

47,679 81 

7,231 70 

4,830 09 

37,781 00 

12,744 18 

22,577 54 

36,269 08 

4,521,192 65 



Invested in the following: 



Assets as per Ledger Accounts. 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . . * 

Book value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Printing plant, 

Loans on personal security, ..... 



Total, 

Deduct agents' credit balances, . 

Total net or ledger assets, as per balance, 



M ,414,070 82 

1,899,304 37 

178,000 00 

319,486 48 

77,231 78 

4,220,729 96 

2,366 01 

376,336 48 

2,500 00 

1,281 68 

58,491,307 58 
12,681 18 

18,478,626 40 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



11 



Other Assets. 



Interest due and accrued, 
Rents due and accrued, 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, 

Total, 

Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. 

$34,559 50 

31,404 86 

$65,964 36 
13,192 87 



Renewals. 

$61,483 13 
113,176 86 



$174,659 99 
34,932 00 



$52,771 49 $139,727 99 



Net amount of uncollected premiums (industrial), 
Total assets, per company's books, . 



$128,008 33 
8,496 20 



192,499 48 
46,409 95 

5,854,040 36 



Items not admitted and Depreciation. 



Loans on personal security, 

Printing plant, 

Depreciation from book value of assets, . 
Total, ....... 



Total admitted assets, 



$1,281 68 

2,500 00 

36,134 34 



39,916 02 
5,814,124 34 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . 
Deduct net value of reinsured risks, . 



Net reserve, ...... 

Death losses due and unpaid, .... 

Matured endowments due and unpaid, 
Death losses in process of adjustment, 
Claims resisted by the company, 

Total policy claims, ..... 
Agents' deposits, . . . . . 
Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, .... 
Due for taxes, fees, salaries, expenses, etc., 
Cash surrender values, ..... 



Liabilities as to policy holders, . 
Surplus as regards policy holders, . 

Gross liabilities, . 



$7,985,300 00 
14,999 00 

$7,970,301 00 



$6,667 88 

781 14 

14,662 00 

14,621 00 



36,732 02 
7,922 12 

20,763 62 
2,613 96 

65,610 47 

66,012 38 

5,169,955 57 
644,168 77 

5,814,124 34 



12 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



Premium Note Account. 

Premium notes on hand Dec. 31, 1895, 

rec*d during 1896 (old policies) 
restored by revival of policies 

Total, 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, 
Voided by lapse, ..... 
Used in payment of dividends to policy holders 
Redeemed by maker in cash, . 

Total, 

Balance note assets Dec. 31, 1896, 



$71,005 73 




23,047 87 




}, 46 45 






|94,100 05 




$2,444 85 




1,425 67 




2,231 40 




5, 6,721 56 




4,044 79 






16,868 27 




. • . . 


$77,231 78 



Exhibit of Policies. 





Policies and Additions 


in Force Dec. 31, 


1895. 








Number. 


Amount. Total No. 


Total Amount 


Whole life, 


. . 


. 6,189 


$11,922,398 00 






Endowment, 


. 


. 6,506 


13,201,810 00 






All other, . 


. 


71 


118,200 00 






Reversionary 


additions, 


. 


72,489 00 

1< 


? 7fift "B 


OR 311 ft07 



Whole life,. 
Endowment, 
All other, . 



Policies issued during the Year. 
. 3,190 $6,924,994 00 
899 1,647,300 00 
262 667,900 00 



4,351 9,240,194 00 



Whole life, 
Endowment, 



Old Policies revived. 

14 $25,000 00 

15 28,500 00 



29 



53,500 00 



Whole life, 
Endowment, 

Additions by dividends, 
Total, . 



Old Policies increased. 

$4,825 00 
9,169 00 



13,994 00 
29,667 00 



17,146 $34,652,252 00 



Policies terminated during the Tear. 

Whole life, . . . 1,422 $3,089,144 00 
Endowment, ."■'.. . 996 1,996,375 00 

All other, . . . . 44 111,508 00 



2,462 $5,197,027 00 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



13 



How terminated. 





Number. 


Amount. 


Total No. 


Total Amount. 


By death, . 


134 


$290,216 00 






maturity, 


20 


18,580 00 






expiry, . 


11 


25,100 00 






surrender. 


438 


849,498 00 






lapse, . 


. 1,173 


2,115,950 00 






change an 


d decrease, . - 


231,603 00 






Not taken, . 


686 


1,666,050 00 


2,462 


$5,197,027 00 










Policies in Force Dec. 31, 1896. 




Whole life, 


. 7,971 


$15,788,073 00 






Endowment, 


. 6,424 


12,890,404 00 






All other, . 


289 


680,550 00 






Reversionary 


additions, . - 


96,198 00 


14,684 
335,351 


29,455,225 00 
105,640,047 00 


Industrial po] 


icies in force, 


A 



Schedule A. 

Securities held as Collateral. 



Market Value. Loaned Thereon. 



50 shares Middlesex Banking Co., . . 
Fitchburg R.R. Co. bonds, 
125 shares American Bell Telephone Co. 

50 " Chicago, Burlington & Quincy 
Atchison, Topeka & Santa Fe bonds, 

28 shares N. Y., N. H. & H. R.R., . 
Illinois Steel Co. bonds, . 
300 shares American Bell Telephone Co. 
100 " State Street Exchange, . 

50 " United States Hotel Co., . 

62 " American Bell Telephone Co , 
Milwaukee & Northern R.R. bonds, 



R.R 



$3,750 00 

18,000 CO^ 

26,250 00 

3,500 00 

10,205 00 

4,956 00 

1,600 00 

63,000 00 

11,500 00 

10,000 00 

13,020 00 

63,400 00 



$3,000 00 
50,000 00 

50,000 00 
25,000 00 
50,000 00 



$229,181 00 $178,000 00 



Schedule B. 
Slocks and Bonds owned by the Company. 



100 shares New England National Bank, 

35 " Boylston National Bank, 

100 " Continental National Bank, . 

100 " Washington National Bank, . 

22 " State National Bank, 

25 " Tremont National Bank, 

60 " Boston Natl B'k, Seattle, Wash., 



Book Value. 

$12,031 00 
4,362 50 
10,150 00 
13,537 50 
2,531 50 
2,500 00 
6,000 00 



Market Value. 

$14,900 00 
4,366 25 
10,000 00 
10,175 00 
2,381 50 
2,050 00 
4,500 00 



14 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



25 shares American Loan and Trust Co., 
10 " Colorado Mining Exchange Bl 

400 " Chicago, Bur. & Quincy R.R., 
55 " Central Massachusetts R.R., . 
75 " Boston & Maine R.R., 

452 " The Atch., Top. & Santa Fe R'y Co., 

150 " Portland R'y Co. (Portland, Ore.), 
70 " The Oregon R.R. & Nav. Co., 
25 " Consol. R'y (Grand Rapids, Mich.), 

Massachusetts coupon bonds, . 

County of Washington, 111., bonds, 

County of Marion, Ind., bonds, 

County of Columbia, Wash., bonds, 

County of Lincoln, Neb., bonds, 

County of Finney, Kan., bonds, 

County of Thurston, Wash., bonds, 

County of Yellowstone, Mont., bonds, 

County of Meagher, Mont., bonds, 

County of Shoshone, Idaho, bonds, 

County of Missoula, Mont., bonds, 

Count} 7 of Kootenai, Idaho, bonds, 

County of Cascade, Mont., bonds, 

County of La Plata, Colo., bonds, 

County of Pitkin, Colo., bonds, 

County of Rio Grande, Colo., bonds 

County of St. Louis, Minn , bonds, 

County of Union, Iowa, bonds, 

County of Ramsey, Minn., bonds, 

County of Wells, Ind., bonds, . 

County of Hennepin, Minn., bonds, 

County of Otter Tail, Minn., bonds, 

County of Pierce, Wash , bonds, 

County of Hudson, N. J., bonds, 

County of Lucas, Ohio, bonds, . 

County of Marion, Ohio, bonds, 

County of Clark, Ind., bonds, . 

County of Rock Island, 111., bonds, 

County of Marion, Ind., bonds, 

County of Ripley, Ind., bonds, . 

County of Vigo, Ind., bonds, . 

County of Wayne, Mich , bonds, 

County of Lawrence, Ind., bonds, 

City of St. Paul, Minn., bonds, . 

City of South St. Paul, Minn., bonds 

City of Yankton, Dak., bonds, . 

City of Fremont, Neb., bonds, 

City of Jefferson ville, Ind., 

City of Sioux Falls, Dak., bonds, 



Book Value. 

$2,550 00 

10,000 00 

31,134 62 

3,208 25 

8,236 12 

12,055 43 

1,950 00 

1,050 00 

1,250 00 

93,270 00 

5,225 00 

42,737 50 

11,800 00 

4,195 00 

10,825 00 

10,700 00 

5,287 50 

10,600" 00 

14,392 35 

10,762 50 

15,412 50 

10,600 00 

5,400 00 

5,400 00 

7,315 00 

10,000 00 

10,000 00 

10,325 00 

19,210 00 

31,800 00 

10,450 00 

10,600 00 

20,600 00 

21,112 50 

12,669 60 

21,512 50 

21,075 00 

10,462 50 

10,562 50 

8,300 00 

20,000 00 

10,775 00 

10,375 00 

16,537 50 

8,496 25 

6,145 00 

13,585 00 

14,525 00 



Market Value. 

$3,250 00 

10,000 00 

28,000 00 

3,135 00 

12,150 00 

10,735 00 

1,050 00 

2,520 00 

1,125 00 

105,000 00 

5,062 50 

42,475 00 

11,050 00 

4,180 00 

10,625 00 

10,400 00 

5,100 00 

10,650 00 

14,445 00 

10,550 00 

15,150 00 

10,500 00 

5,400 00 

5,350 00 

7,350 00 

10,300 00 

10,000 00 

10,450 00 

19,020 00 

31,800 00 

10,350 00 

10,400 00 

20,600 00 

20,700 00 

12,480 00 

21,175 00 

20,625 00 

10,200 00 

10,400 00 

8,160 00 

20,300 00 

10,700 00 

11,450 00 

16,950 00 

8,712 50 

6,000 00 

13,000 00 

14,040 00 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



15 



City of St. Cloud, Minn , bonds, 
City of New Albany, Ind., bonds, . 
City of Beloit, Kan., bonds, 
City of Nebraska City, Neb., bonds, 
City of Kansas City, Kan., bonds, . 
City of Evansville, Ind., bonds, 
City of Chattanooga, Tenn., bonds, . 
City of Fargo, North Dakota, bonds, 
City of Superior, Wis., bonds, . 
City of Columbus, Ohio, bonds, 
City of Huron, So. Dak., bonds, 
City of Middlesborough, Ky., bonds, 
Salt Lake City, Utah, bonds, . 
City of East Portland, Oregon, bonds, 
City of Port Townsend, Wash., bonds, 
City of Ellensburg, Wash., bonds, 
City of Wichita, Kan., bonds, . 
City of Astoria, Ore., bonds, 
City of Walla Walla, Wash., bonds, 
City of Olympia, Wash., bonds, 
City of South Omaha, Neb., bonds, 
City of Omaha, Neb., bonds, . 
City of Cheyenne, Wyoming, bonds, 
Logan City, Utah, bonds, . 
City of New Whatcom, Wash., bonds, 
City of Beatrice, Neb , bonds, . 
City of La Grande, Ore., bonds, 
City of Snohomish, Wash , bonds, 
City of Colfax, Wash., bonds, . 
City of Fairhaven, W'ash., bonds, 
City of Woodland, Cal , bonds, 
* City of Port Angeles, Wash., bonds, 
City of Denver, Col., warrants, 
City of Great Falls, Mont., bonds, 
City of Boston, Mass., bonds, . 
City of Cleveland, Ohio, bonds, 
City of Somerville, Mass., bonds, 
City of Lynn, Mass , bonds, 
City of Haverhill, Mass., bonds, 
City of Toledo, Ohio, bonds, 
City of Marietta, Ohio, bonds, . 
City of Seattle, Wash., bonds, . 
City of Dayton, Ohio, bonds, . 
City of Pawtucket, R I , bonds, 
City of Tacoma, Wash., bonds, 
Jersey City, N J., bonds, 
City of South Bend, Ind , bonds, 
City of Fond du Lac, Wis., bonds, 



Book Value. 

$10,650 00 
1,560 00 
6,337 50 
15,412 50 
12,000 00 
5,000 00 
10,900 00 
16,287 50 
10,200 00 
23,670 00 
10,000 00 
12,270 00 
9,600 00 
10,925 00 
10,000 00 
10,000 00 
2,882 37 
10,600 00 
5,350 00 
10,637 50 
9,443 25 
10,675 00 
10,250 00 
4,875 00 
10,650 00 
10,000 00 
5,190 50 
5,175 00 
10,575 00 
10,594 00 
14,536 50 
10,000 00 
6,130 00 
10,675 00 
60,025 00 
10,500 00 
25,375 00 
51,000 00 
15,337 50 
21,300 00 
20,212 50 
10,000 00 
32,055 00 
10,000 00 
10,100 00 
26,812 50 
23,406 00 
21,275 00 



Market Value. 

|11,250 00 
1,500 00 
6,120 00 
15,700 00 
12,120 00 
5,250 00 
11,200 00 
16,050 00 
10,000 00 
24,130 00 
10,000 00 
12,000 00 
10,150 00 
12,200 00 
10,500 00 
10,500 00 
2,911 50 
10,600 00 
5,250 00 
10,350 00 
9,450 00 
10,362 50 
10,100 00 
5,000 00 
10,000 00 
10,000 00 
5,175 00 
5,250 00 
10,500 00 
10,000 00 
15,000 00 
10,000 00 
6,200 00 
10,350 00 
63,790 62 
10,850 00 
25,750 00 
53,645 00 
16,012 50 
22,400 00 
20,207 50 
10,000 00 
31,075 00 
10,325 00 
10,000 00 
28,125 00 
24,000 00 
21,150 00 



16 JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



City of Lincoln, Neb., bonds, . 

City of Muscatine, Iowa, bonds, 

City of Sandusky, Ohio, bonds, 

City of Owosso, Mich., bonds, . 

Boise City, Idaho, bonds, . 

City of Patterson, N. J., bonds, 

City of Woonsocket, R. I., bonds, 

City of Medford, Mass., bonds, 

Long Island City, N. Y., bonds, 

Town of Spencer, Ind., bonds, . 

Delaware Township, Kan., bonds, . 

Elmwood Township, 111., bonds, 

Town of South Bend, Wash , bonds, 

Town of East Providence, R. I , bonds, 

Village of St. Albans, Vt., bonds, 

City of Columbus, Ohio, bonds, 

City of Port Huron, Mich , bonds, . 

City of Mattoon, 111., bonds, 

City of Steubenville, Ohio, bonds, . 

City of Omaha, Neb., bonds, 

City of Lima, Ohio, bonds, 

Atlantic City, N. J., bonds, 

City of Pontiac, Mich., bonds, . 

City of Lincoln, Neb., bonds, . 

City of Duluth, Minn., bonds, . 

City of Somerville, Mass., bonds, 

City of New Bedford, Mass., bonds, 

City of Perth Amboy, N. J., bonds, . 

Board of Education, Emporia, Kan., bonds, 

Board of Education, Arkansas city bonds, 

Wyandotte Co., Kan., School District bonds, 

City of Seattle, Wash., bonds, . 

City of Albina, Ore , bonds, 

City of Helena, Mont., bonds, . 

Ouray County, Colo., bonds, 

City of Moscow, Idaho, bonds, . 

Arapahoe County, Colo., bonds, 

Bozeman, Gallatin County, Mont., bonds, 

Ind. School District, Duluth, Minn , bonds, 

Board of Education, Cleveland, O., city bonds, 

City of Springfield, Mo., School District bonds, 

Board of Educ'n, Springfield, O., city bonds, . 

Board of Education, Kansas, Kan., city bonds, 

City of Lansing, Mich., School District bonds, 

Board of Educ'n, city of Columbus, O., bonds, 

Minneapolis Gas Light Co., Minn., bonds, 

Saratoga Gas and Elec. Lt. Co., N. Y., bonds, . 

Pt. Chester Con. Gas & Elec. L't Co., N. Y., b'ds, 

The Middlesex Banking Co., Conn., bonds, 



Book Value. 

$15,989 00 

15,512 50 

47,475 00 

10,750 00 

10,350 00 

11,412 50 

20,000 00 

20,000 00 

20,400 00 

4,092 00 

9,500 00 

4,975 00 

5,000 00 

10,000 00 

10,000 00 

45,482 00 

8,321 60 

8,160 00 

15,000 00 

21,325 00 

10,627 80 

28,062 50 

10,950 00 

10,100 00 

30,037 50 

75,000 00 

50,000 00 

12,390 00 

14,700 00 

3,112 50 

2,100 00 

10,287 50 

10,675 00 

10,400 00 

5,500 00 

7,717 50 

5,162 50 

4,758 75 

10,000 00 

10,050 00 

15,450 00 

10,425 00 

18,235 00 

26,375 00 

25,843 75 

10,500 00 

10,350 00 

4,462 50 

5,000 00 



Market Value. 

$15,769 50 

15,300 00 

46,683 75 

10,775 00 

10,287 50 

11,800 00 

21,000 00 

20,600 00 

20,600 00 

4,070 00 

10,000 00 

5,000 00 

5,000 00 

10,250 00 

10,000 00 

45,700 00 

8,260 00 

8,200 00 

15,000 00 

20,850 00 

10,400 00 

28,000 00 

10,900 00 

10,100 00 

30,037 50 

75,000 00 

50,000 00 

12,390 00 

14,490 00 

3,000 00 

2,020 00 

10,400 00 

10,900 00 

10,200 00 

5,000 00 

7,210 00 

5,000 00 

4,668 75 

10,000 00 

10,200 00 

15,337 50 

10,350 00 

17,765 00 

26,250 00 

25,500 00 

10,200 00 

7,500 00 

3,500 00 

5,000 00 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



17 



St. Paul Gas Light Co., Minn., bonds, 
Kansas City Elec. Light Co. bonds, . 
United Elec. Securities Co. bonds, . 
Land & Riv. ImprVt Co., W. Sup., Wis , b'ds 
Sanitary Dist. of Chicago, 111., bonds, 
York Manufacturing Co loan, . 
Boott Cotton Mills loan, .... 
The American Bell Telephone Co. bonds, 
New England Tel. and Tel. Co. bonds, . 
Merrimack Manufacturing Co. loan, 
Arnold Print Works loan, 
Hamilton Manufacturing Co. loan, . 
Tremont and Suffolk Mills loan, 
Hamilton Manufacturing Co. loan, . 
Cocheco Manufacturing Co. loan, . 
American Waltham Watch Co. loan, 

Manchaug Co. loan, 

Old Colony R.R. bonds, .... 
New York & New England R R. bonds, . 
Cheshire R.R. bonds, .... 

Saginaw Valley & St. Louis R.R. bonds, . 
Chicago, Milwaukee & St. Paul R.R. bonds, 
Lowell & Lawrence R.R. bonds, 
Oregon Railway and Navigation Co. bonds, 
Consolidated R.R. Co. of Vermont bonds, 
Leavenw'th, Top. & So. West. Ry. bonds, 
Cleveland, Col., Cin. & Ind. R.R. bonds, . 
Wisconsin Central R.R. bonds, 
Atchison, Colorado & Pacific R.R. bonds, 
Chicago & Eastern Illinois R.R. bonds, . 
Little Rock & Fort Smith R'y bonds, 
Carolina Central R.R. bonds, . 
James River Valley R.R. bonds, 
St. Joseph & Grand Island R.R. bonds, . 
St. Louis Cable & Western Railway bonds, 
Spokane & Palouse R.R. bonds, 
The Marietta Mineral Railway bonds, 
Chicago, Burlington & Northern R.R. bonds, 
Canton St. R'y & Lake Side St. R.R. bonds, 
Des Moines Street R.R. bonds, 
The Chic, and Atchison Bridge Co. bonds, 
Tarkio Valley R.R. Co. bonds, . 
St. Louis & Suburban Railway bonds, 
Cincinnati, Dayton & Ironton R.R. bonds, 
Kan. City & Memphis R'y & Bridge Co. bonds 
The Northern Pacific Terminal Co. bonds, 
Minn., Lyndale & M'ka and Minn. St R'y b'ds 
Chicago, Burlington & Quincy R.R. bonds, 
Great Northern Railway bonds, 



Book Value. 

$9,750 00 

5,985 00 

36,300 00 

9,900 00 

32,180 00 

50,000 00. 

50,000 00 

10,647 50 

37,012 50 

50,000 00 

50,000 00 

50,000 00 

100,000 00 

25,000 00 

25,000 00 

50,000 00 

25,000 00 

1,020 00 

54,612 50 

5,500 00 

19,680 00 

10,612 50 

1,115 00 

10,761 90 

4,180 00 

2,210 00 

9,750 00 

8,787 50 

4,275 00 

22,300 00 

6,800 00 

9,975 00 

5,400 00 

10,837 50 

11,742 50 

7,400 00 

9,500 00 

30,778 12 

10,475 00 

10,675 00 

19,950 00 

8,860 00 

8,550 00 

19,300 00 

19,362 50 

10,700 00 

18,750 00 

71,191 25 

13,725 00 



Market Value. 

$10,500 00 

6,000 00 

34,000 00 

3,000 00 

32,600 00 

50,000 00 

50,000 00 

10,425 00 

36,925 00 

50,000 00 

50,000 00 

50,000 00 

100,000 00 

25,000 00 

25,000 00 

50,000 00 

25,000 00 

1,010 00 

56,000 00 

5,143 75 

7,200 00 

11,800 00 

1,015 00 

11,000 00 

4,180 00 

240 00 

12,300 00 

9,500 00 

2,800 00 

24,600 00 

8,500 00 

6,500 00 

4,000 00 

5,000 00 

11,990 00 

8,500 00 

1,500 00 

30,675 00 

10,225 00 

10,300 00 

9,000 00 

8,320 00 

8,550 00 

21,400 00 

20,000 00 

10,450 00 

19,000 00 

70,875 00 

14,250 00 



18 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



Chicago & West Michigan "Railway bonds, 

West End St. Railway (Rockford, 111.) bonds 

Kansas City Elevated Railway bonds, 

Met. W. Side Ele. R.R. (Chicago, 111.) bonds 

Union Pacific Railway notes, . 

Kan. City, Fort Scott & Memphis R.R. bonds 

Superior Rapid Transit R'y (Wis.) bonds, 

Metropolitan Railway, Denver, Col., bonds, 

Keithsburg Bridge Co., 111., bonds, . 

St. Paul City Railway bonds, . 

The Ore. Short Line & Utah No. R'y bonds, 

Mexican Northern Railway bonds, . 

Rio Grande Western Railway bonds, 

Louisville, New Albany & Chicago R'y bonds 

The Colo. Springs Rapid Transit R'y bonds, 

Salt Lake City R.R. bonds, 

Centralia & Chester R.R. bonds, 

The Wichita Electric R'y & Light Co. bonds, 

Fitchburg R.R. bonds, .... 

Boston & Lowell R.R. bonds, . . 

Boston & Maine R R. bonds, 

Eastern Railway Company of Minn, bonds, 

Concord & Claremont R.R. bonds, . 

Car'ge, Water'tn & Sackett's Har. R.R. bonds 

Cambridge R R. bonds, .... 

St. Johnsbury & Lake Champlain R.R. bonds 

Maine Central R R. bonds, 

Kan. City, Memphis & Birm'ham R R. bonds, 

Portland & Ogdensburg Railway bonds, 

Connecticut River R 11. scrip, . 

Boston Consolidated Street Railway bonds, 

West End Street Railway, Boston, bonds, 

Old Colony Steamboat Co. bonds, . 

Metro. Street R'y, Kansas City, bonds, . 

Missouri, Kansas & Eastern Railway bonds, 

Hereford, P. Q , Railway Co. bonds, 

Grand Avenue, Kansas City, R'y Co. bonds, 

Terminal R.R. Association of St. Louis bonds 

The Atchison, Topeka & Santa Fe R'y bonds 

The Carolina Central R.R. scrip, 

West End Street Railway, Boston, bonds, 

Portland Railway, Portland, Ore., bonds, 

Merrimack Valley Street Railway bonds, 

N. Y., N. H. & H. R R. Co. loan, . 

Old Colony R.R. Co. loan, 

Maine Central R.R. Co. loan, . 

Oregon R R. & Navigation Co bonds, 

Cons. St. R'y, Grand Rapids, Mich., bonds, 



Book Value. 

$10,475 00 

10,000 00 

10,500 00 

18,450 00 

23,731 25 

19,021 25 

10,200 00 

15,300 00 

10,000 00 

9,250 00 

8,625 00 

10,000 00 

15,475 00 

15,899 00 

10,100 00 

10,000 00 

23,000 00 

9,500 00 

51,436 25 

25,000 00 

45,500 00 

10,055 00 

15,262 50 

11,500 00 

13,565 00 

22,950 00 

25,000 00 

3,030 25 

5,325 00 

30,000 00 

15,725 00 

20,712 50 

8,560 00 

9,700 00 

9,545 00 

15,000 00 

19,550 00 

42,000 00 

47,925 00 

500 00 

24,687 50 

18,750 00 

10,250 00 

100,000 00 

75,000 00 

75,668 05 

3,600 00 

1,800 00 



Market Value. 

84,287 50 

10,100 00 

10,000 00 

13,900 00 

24,500 00 

20,750 00 

10,000 00 

15,000 00 

9,500 00 

9,250 00 

12,450 00 

9,750 00 

14,800 00 

8,400 00 

10,000 00 

10,000 00 

22,500 00 

2,500 00 

52,352 50 

26,140 00 

49,550 00 

10,300 00 

15,750 00 

11,550 00 

13,585 00 

21,400 00 

25,500 00 

4,950 00 

5,325 00 

30,000 00 

16,050 00 

20,800 00 

8,480 00 

9,700 00 

9,050 00 

15,000 00 

19,550 00 

42,200 00 

53,252 50 

250 00 

24,937 50 

16,875 00 

10,250 00 

100,000 00 

75,000 00 

75,635 00 

4,000 00 

1,800 00 



$4,220,729 96 $4,184,595 62 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 19 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY OF 

SPRINGFIELD. 

[Incorporated May 1, 1851. Commenced business Aug. 1, 1851.] 

John A. Hall, President. Henry M. Phillips, Secretary. 



Income. 

Received for premiums on new policies, .... 
Received for renewal premiums, ..... 
Dividends applied to pay running premiums, . 
Dividends applied to purchase paid-up additions, . 
Surrender values applied to purchase paid-up insurance, 



Total, 

Deduct amount paid for reinsurance, 

Total premium income, .... 

Received for interest, 

as discount on claims paid in advance, 
for rents of company's property, 
for reinsurance, .... 

Premium notes or loans restored, . 

Total income, 

Net or ledger assets Dec. 31, 1895, . 



Total, 



$515,360 23 

2,701,623 28 

343,670 11 

48,287 08 

1,828 00 

|3,610,768 70 
38,685 65 

$3,572,083 05 

785,548 84 

97 29 

15,553 00 

21,896 56 

7,973 71 

$4,403,152 45 
15,907,525 94 

$20,310,678 39 



Disbursements. 

Paid for losses and additions, $986,050 09 

for matured endowments, ...... 104,515 00 

on matured instalment policies, 4,350 00 

Gross amount paid for losses and endowments, . . $1,094,915 09 
Received for losses and claims on policies reinsured, . . 35,000 00 

Net amount paid for losses and endowments, . . . $1,059,915 09 

Premium notes used in payment of dividends, . . . 68,943 06 

Premium notes or loans voided by lapse, . . . 63,227 87 

Cash dividends paid policy holders, ...... 21,649 Q5 

applied to pay running premiums, . . 343,670 11 

applied to purchase paid-up additions, . . 48,287 08 

Surrender values paid in cash, . . . . . . . . 322,430 72 

Surrender values applied to purchase paid-up insurance, . 1,828 00 

Interest on surrender values paid policy holders, . . . 1,259 02 

Total paid policy holders, $1,931,210 60 



20 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 



Cash paid for commissions and bonuses to agents (new poli 
cies, 1258,451.35 ; renewals, $200,899.87), . 

for salaries and allowances to managers and agents 

for medical examiner's fees, .... 

for salaries of officers and home office employees 

for taxes on premiums, 

for taxes on reserves, 

for taxes on real estate, 

for fees, licenses, etc., 

for rent, . 

for advertising, printing and postage, 

for legal expenses, .... 

for furniture and office fixtures, 

for real estate expenses (except taxes), 

for incidentals, .... 
Profit and loss account, 



Total disbursements, . 



Balance, 



$459,351 22 

69,691 35 

42,361 15 

107,137 17 

23,744 75 

22,504 60 

4,776 03 

9,805 36 

26,934 26 

56,374 48 

5,745 31 

1,395 17 

8,335 32 

18,719 52 

621 59 

52,788,707 88 

$17,521,970 51 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 
Premium notes or loans on policies in force, . 
Book value of stocks and bonds owned (schedule B), 
Cash in company's office, ...... 

Cash deposited in bank, ' 

Total ledger assets, as per balance, . 

Other Assets. 
Interest due and accrued, 

Rents due and accrued, ...... 

Market value of stocks and bonds over book, . 



$540,250 42 

6,591,330 26 

678,910 00 

1,377,571 00 

699,988 29 

7,117,515 81 

8,715 51 

507,689 22 

$17,521,970 51 



326,988 63 

3,711 06 

159,392 95 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, ..... 

Total, ... 
Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. Renewals. 

$92,875 74 $127,568 41 
78,197 51 369,979 35 



$171,073 25 
34,214 65 



,547 76 
99,509 55 



$136,858 60 $398,038 21 



Total assets, per company's books, 



534,896 81 
$18,546,959 96 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 



21 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), 
Deduct net value of reinsured risks, 



Net reserve, 

Present value of unpaid instalments, 

Death losses and matured endowments in proc 

ess of adjustment, 

Claims resisted by the company, 

Total policy claims, .... 
Unpaid dividends of surplus due policy holder 
Premiums paid in advance, 

Liabilities as to policy holders, . 
Surplus as regards policy holders, . 

Gross liabilities, 



$17,122,654 00 
206,216 00 

$16,916,438 00 
75,336 01 



,254 64 
10,000 00 



95,254 64 

112,030 83 

5,208 84 

117,204,268 32 

. 1,342,691 64 

$18,546,959 96 



Premium Note Account. 

Premium notes on hand Dec. 31, 1895, . . $676,276 50 

rec'd during 1896 (old policies), 190,091 33 

restored by revival of policies, 7,973 71 

Total, $874,341 54 

Used in payment of losses and claims, . . $23,907 23 
in purchase of surrendered policies and 

voided by lapse, 63,227 87 

in payment of dividends to policy holders, 66,881 87 

Redeemed by maker in cash, .... 20,336 28 

Total, — - 174,353 25 

Balance note assets Dec. 31, 1896, ..... $699,988 29 



Exhibit of Policies. 

Policies and Additions in Force Dec. 31, 1895 

Number. Amount. Total No. 

$84,901,032 00 

10,533,280 00 

1,294,779 00 

342,570 00 

— 37,903 



Whole life, 


. 32,729 


Endowment, 


. 4,673 


All other, . 


501 


Reversionary additions, 


. 



Total Amount. 



,071,661 00 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

. 7,566 $17,149,200 00 

623 1,304,600 00 

, . . 560 1,702,750 00 



8,749 20,156,550 00 



22 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 



Whole life, 
Endowment, 



Old Policies ..revived. 

Number. Amount. Total No. 

48 $123,697 00 

3 6,187 00 
51 



Total Amount. 



$129,884 00 

43,241 00 
104,707 00 

Total, 46,703 $117,506,043 00 



Whole life policies increased, 
Additions by dividends, . 



Policies terminated during the Year. 

Whole life, . . . 5,009 $12,720,077 00 
Endowment, ... 566 1,223,099 00 

All other, .... 202 695,806 00 







5,777 


$14,638,982 00 






How terminated. 


By death, . 




406 


$1,091,304 00 


maturity, 




68 


105,966 00 


expiry, 




26 


51,700 00 


surrender, . 




. 1,192 


2,737,869 00 


lapse, . 




. 1,911 


3,833,550 00 


change and deer 


ease, 


- 


1,191,693 00 


Not taken,. 


Pol 


. 2,174 


5,626,900 00 




icies in force Dec. 31, 189 


Whole life, 


. 


. 35,324 


$89,470,093 00 


Endowment, 


. 


. 4,737 


10,635,968 00 


All other, . 


. 


865 


2,331,900 00 


Reversionary additions, 


. 


429,100 00 



5,777 14,638,982 00 



P. C. Cheney Co. stock, .... 

East Tilton Pulp Co. stock, 

Excelsior Paper Co. stock, 

Certificate of People's Savings Bank, 

L. L. Brown Paper Co., Adams, Mass., stock, 

Springfield Fire & Marine Insurance Co. stock 

Wason Manufacturing Co. stock, 

Agawam National Bank stock, 

New Hampshire Fire Insurance Co. stock, 

Peojole's Gas Light Co. stock, . . . 

Guaranty Fund of the Guaranty Savings B'k 

Nonotuck Paper Co. stock, 

Iowa National Bank, Des Moines, la , stock, 



40,926 102,867,061 00 



Schedule A. 
Securities held as Collateral. 

Market Value. Loaned Thereon. 

$18,000 00 >| 



500 00 I 
500 00 | 

2,000 00 J 
11,250 00 
31,400 00 
15,625 00 ) 

7,800 00 S 
25,550 00 \ 
19,200 00 i 
13,500 00 ) 
30,000 00 

3,800 00 



$17,900 00 

10,000 00 

23,000 00 

16,300 00 

40,000 00 

15,000 00 

3,300 00 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 23 



Connecticut River Paper Co. bonds, 
Union National Bank, Chicago, 111 , stock, 
Chapman Valve Co. stock, 
Metallic Drawing Roll Co. stock, 
Philadelphia, Read. & New Eng. R.R. bonds, 
Connecticut River Paper Co. stock, . 
Hoosac Tunnel & Wilmington R^ Co. bonds 
Holyoke Water Power Co. stock, 
Third National Bank, Springfield, Mass., stock 
Springfield Safe Deposit & Trust Co. stock, 
Nat'l Bank of Commonwealth, Boston, stock, 
Springfield Steam Power Co. bonds, 
Connecticut River R.R. Co. stock, 
Phelps Publishing Co. stock, . 
Metallic Drawing Roll Co. stock, 
Barre Water Co. stock, 
Revere Water Co. stock, . 
Holyoke Water Power Co. stock, 
Exeter Manufacturing Co. bonds, 
New York, N. Haven & Hart. R.R. Co. stock 
New York, N. Haven & Hart. R.R. Co. debs 
Keokuk & Western Railway Co. notes, . 
Des Moines & Kansas City R'y Co. bonds, 
Springfield Fire & Marine Ins. Co. stock, 
Springfield Street Railway Co. stock, 
Hol} 7 oke Street Railway Co. stock, . 
Orange Judd Co., New York, stock, 
New York, N. Haven & Hart. R.R. Co. deb., 
Springfield Safe Deposit & Trust Co stock, 
42d St. Improvement Income, N. Y., bonds, 
Virginia Midland general mortgage bonds, 
New York, Chic. & St. Louis R.R. Co. stock, 
Buffalo, Rochester & Pittsburg R.R. Co. stock 
Texas & Pacific R.R. Co. first mort. bonds, 
Chic, Mil. & St. P. R.R. Co., Wis. V. D , b'ds 
Cinn., Ind., St. Louis & Chic. R.R. Co. bonds 
Columbus, Hocking Val. & Toledo R.R. Co. 



Market Value. 

$82,500 00 
10,000 00 
13,230 00- 
10,000 00 
5,250 00. 
7,500 00 
83,200 00 
13,110 00 
2,100 00 
3,375 00 
3,425 00 
22,000 00 
24,750 00 
5,000 00 
7,000 00 
24,800 00 
60,700 00 
64,125 00 
114,000 00 
8,881 25 
2,700 00 
63,110 00 
64,000 00 
4,000 00 



Loaned Thereon. 

$75,000 00 
9,000 00 

- 20,000 00 

6,000 00 
70,500 00 

1,800 00 
6,000 00 

20,000 00 
7,000 00 



7,( 

25,000 00 

50,000 00 
95,000 00 

9,000 00 
63,110 00 



7,000 00 1 13 0(K) 00 



3,500 00 I 
3,200 00 ^ 
1,350 00 
27,000 00 
15,000 00^ 
5,000 00 | 
13,000 00 j> 
29,000 00 | 
8,600 00 J 
3,480 00 ) 
1,000 00 > 
2,640 00 



900 00 
20,000 00 



50,000 00 

3,500 00 
1,600 00 



Schedule B. 
Stocks and Bonds owned by the 



Boston & Lowell R.R. bonds, . 
Boston & Maine R.R. bonds, . 
Burlington & Missouri River R.R. bonds, 
Chicago & Northwestern sinking fund, . 
Chicago, Burlington & Quincy R.R. bonds, 
Chic. June. & Union Stock Yards bonds, 
Cedar Rapids, Iowa Falls & Northwest b'ds 



$997,651 25 $678,910 00 



Company. 

Book Value. 

$140,000 00 

50,000 00 

890 00 

100,000 00 

110,300 00 

77,750 00 

50,000 00 



Market Value. 

$146,700 00 

52,500 00 

980 00 

110,250 00 

112,155 00 

85,517 50 

51,000 00 



24 MASSACHUSETTS MUTUAL LIFE INSUKANCE COMPANY. 



East Tennessee, Virginia & Georgia bonds, 

Grand Rapids, Lansing & Detroit bonds, 

Helena & Red Mountain R.R. bonds, 

Iowa Central R.R. bonds, . 

Kansas City, Memphis & Birmingham bonds 

Louisville & Nashville R.R. bonds, 

Maine Central R.R. bonds, 

Mahoning Coal Company bonds, 

Nashville, Chattanooga & St. Louis bonds, 

Old Colony R.R. bonds, . 

Oregon Improvement Company bonds, 

Pittsburg, Painesville & Fairport bonds, 

Peoria & Easton R.R. bonds, . 

Portland & Rumford Falls R.R. bonds, 

Rio Grande & Western R.R. bonds, . 

Texas & Pacific R.R. bonds, 

Verdigris Val., Independ & West'n R.R. b'ds, 

Virginia Midland R.R. bonds, . 

Woonsocket & Pascoag R R. bonds, 

Wisconsin Central R.R. bonds, 

Washington, Ohio & Western R.R. bonds 

Western North Carolina R.R. bonds, 

Wabash R.R. bonds, . 

United States government bonds, 

Massachusetts State bonds, 

Tennessee State bonds, 

Alabama State bonds, 

Chautauqua County, Kan., bonds, 

Cowley County, Kan., bonds, . 

Clay County, Kan., bonds, 

Henry County, O., bonds, 

Jay County, Ind., bonds, . 

Leavenworth County, Kan., bonds, 

Lancaster County, Neb,, bonds, 

Perry County, 111., bonds, 

Saline County, 111., bonds, 

Saline County, Kan., bonds, 

White County, 111 , bonds, 

Wayne County, Mich., bonds 

Burlingame, Kan., bonds, 

Columbus, O., bonds, 

Fairhaven, Wash., bonds, . 

Lexington, Ky , bonds, 

Marshalltown, Iowa, bonds, 

Moorehead, Minn., bonds, 

Nashville, Tenn., bonds, . 

Norfolk, Neb., bonds, 

Norfolk, Va., bonds, . 



Book Value. 

$49,062 50 

100,000 00 
40,000 00 

101,155 99 
27,500 00 
34,187 50 

164,875 00 
45,097 24 
50,000 00 

125,000 00 
51,737 00 
47,500 00 
84,769 72 

100,000 00 
17,125 00 
91,987 50 
40,000 00 
85,350 00 
37,000 00 
45,375 00 
44,830 00 
64,000 00 

185,054 81 

100,000 00 

100,000 00 
75,866 25 
24,000 00 
37,620 00 
50,000 00 
48,000 00 
30,000 00 
80,000 00 
34,044 35 
69,970 00 
12,300 00 
30,000 00 
58,000 00 

100,000 00 

250,000 00 
2,000 00 
49,000 00 
50,000 00 
49,250 00 
29,000 00 
10,000 00 

100,000 00 
16,000 00 

100,000 00 



Market Value. 

$53,500 00 
55,000 00 
12,000 00 
96,000 00 
12,305 00 
31,850 00 

171,800 00 
59,000 00 
55,000 00 

131,250 00 
15,512 50 
40,000 00 
63,450 00 

100,000 00 
18,781 25 
86,000 00 
32,000 00 

100,000 00 
40,700 00 
19,125 00 
44,000 00 
72,960 00 

205,460 00 

120,000 00 

100,000 00 
88,250 00 
25,800 00 
40,375 00 
53,125 00 
52,000 00 
31,800 00 
83,800 00 
36,444 35 
70,000 00 
6,000 00 
31,950 00 
61,625 00 

100,000 00 

257,500 00 
2,000 00 
52,675 00 
52,000 00 
55,250 00 
29,652 50 
10,450 00 

104,000 00 
16,000 00 

109,000 00 



MASSACHUSETTS MUTUAL LIFE INSUKANCE COMPANY. 25 



Paris, Texas, bonds, .... 
Pleasant Corner, Iowa, bonds, . 
Seattle, Wash., bonds, 
Toledo, O., bonds, .... 
Kewanee Town, 111., bonds, 
Douglas, 111., town bonds, 
Oswego, Kan., town bonds, 
Springfield, Mass., Masonic Hall bonds, 
Freeman Manufacturing Co. bonds, 
Brooklyn Wharf and Warehouse Co. bonds, 
Springfield, Mass., Street Railway Co. bonds 
Kansas City, Mo., warrants, 
Wailingford, Conn , Gas Light Co. bonds, 
Council Bluffs, la., City Water Wks Co. bonds 
City of Fairfield, la., Water Works Co. bonds 
Hornellsville, N. Y., Water Co. bonds, 
City Water Works Co. of Omaha, Neb., bonds 
Leavenworth City and Ft. Water Co. bonds, 
Knoxville, Tenn., Water Co bonds, . 
Chippewa Falls, Wis., Water Works Co. bonds 
Crookston Water W'ks, Power and L't Co. b'ds 
Thomj^sonville, Conn., Water Co. bonds, 
Keokuk and Western Railway Co. notes, 
Maine Central R.R. Co. note, . 
Hampden L. & T. Co , Springfield, Mass., stock 
First National Bank, Chelsea, stock, 
Globe National Bank, Boston, stock, 
Albany & Susquehanna R.R. stock, . 
Boston & Albany R.R. stock, . 
Boston & Maine R.R. stock, 
Buffalo, Rochester & Pittsburg R.R. stock, 
Connecticut River R R. stock, . 
Chicago & Northwestern R.R. stock, 
Chicago, Burlington & Quincy R.R. stock, 
Detroit, Hillsdale & Southwestern R.R. stock 
Iowa Central R R. stock, .... 
New York, New Haven & Hartford R.R. stock 
New York, Chicago & St. Louis R.R. stock, 
Oregon Shore Line R.R. stock, . 
Pennsylvania R.R. stock, .... 
Silverton Water Supply Co. stock, . 
Leadville Power, Water aud Mining Co. stock 
Agawam Manufacturing Co. stock, . 
Leadville Water Co. stock, 



Book Value. 

f50,000 00 
10,000 00 
98,500 00 
76,000 00 
17,000 00 
32,000 00 
28,500 00 
70,000 00 
30,000 00 

400,000 00 

400,000 00 
4,586 91 
19,500 00 
30,000 00 
17,575 00 
24,375 00 
75,000 00 
50,000 00 
34,500 00 
34,868 15 
45,000 00 
25,000 00 

405,333 00 

100,000 00 
30,000 00 
31,980 00 
5,287 50 
76,362 50 
75,021 86 

487,157 50 
27,500 00 

125,205 00 
32,975 00 
77,704 33 
22,633 00 

173,134 25 

99,680 00 

240 00 

54,325 00 

26,844 95 

22,229 00 

3,500 00 

2,400 00 



Market Value. 

$52,250 00 
10,200 00 
100,000 00 
76,000 00 
17,510 00 
32,000 00 
30,000 00 
70,000 00 
30,000 00 
400,000 00 
416,000 00 
4,586 91 
20,000 00 
30,000 00 
19,000 00 
26,000 00 
79,875 00 
55,000 00 
35,000 00 
41,440 00 
50,062 50 
26,250 00 
405,333 00 
100,000 00 
37,500 00 
26,076 00 
4,200 00 
105,000 00 
130,625 00 
529,098 00 
29,000 00 
125,730 00 
30,675 00 
45,139 25 
28,800 00 
2,500 00 
177,625 00 
98,000 00 
240 00 
52,000 00 
28,000 00 
25,000 00 
3,500 00 
7,200 00 



,117,515 81 $7,276,908 76 



26 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY. 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY, BOSTON. 

[Incorporated April 1, 1835. Commenced business Dec. 1, 1843.] 

Benj. F. Stevens, President. S. F. Trull, Secretary. 

Principal Office, Post Office Square. 



Income. 

Received for premiums on new policies, .... 

Received for renewal premiums, 

Distributions applied to pay running premiums, 
Distributions applied to purchase paid-up additions, 
Surrender values applied to purchase paid-up insurance, 

Total premium income, 

Received for interest, 

as discount on claims paid in advance, 

for rents of company's property, 
Premium notes or loans restored, .... 
Profit and loss account, . . ... 



Total income, .... 
Net or ledger assets Dec. 31, 1895, . 



Total, 



Disbursements. 
Paid for losses and additions, . . 
Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 
Premium notes or loans voided by lapse, 
Distributions paid policy holders, .... 

applied to pay running premiums, . 

applied to purchase paid-up additions, 
Surrender values paid, 
Surrender values applied to purchase paid-up insurance, 



$379,934 11 

2,390,207 52 

464,604 32 

17,335 58 

69,373 24 

$3,321,454 77 

1,029,219 83 

7,680 58 

86,335 92 

4,481 59 

6,528 35 

84,455,701 04 
23,942,008 65 

$28,397,709 69 



$1,550,283 98 
318,118 00 

$1,868,401 98 
64,710 53 
35,295 35 

464,604 32 
17,335 58 

524,636 21 
69,373 24 



Total paid policy holders, 

Cash paid for commissions and bonuses to agents (new poli- 
cies, $168,630.38 ; renewals, $107,238.97), . 
for salaries and allowances to managers and agents, 

for medical examiner's fees, 

for salaries of officers and home office employees, 
for taxes on premiums, . . 
for taxes on reserves, . ... 

for taxes on real estate, 

for fees, licenses, etc., 

for rent, 

for commuting commissions, .... 
for advertising, printing and postage, . 



$3,014,357 21 

275,869 35 
32,261 47 
19,530 25 

127,985 14 
27,313 60 
24,640 78 
21,937 14 
8,255 55 
21,714 09 
14,439 28 
53,964 20 



NEW ENGLAND MUTUAL LIFE INSUKANCE COMPANY. 27 

Cash paid for legal expenses, $3,240 73 

for furniture and office fixtures, .... 7,153 72 

for real estate expenses (except taxes), . . 41,186 34 

for incidentals, 43,077 39 

Total disbursements, . . . . . . . . $3,766,926 24 

Balance $24,630,783 45 

Invested in the following : — 

Assets as per Ledger Accounts. 

Cost of real estate, . .$1,922,932 53 

Loans on mortgage of real estate (first liens), . . . 5,308,964 00 

on collateral security (schedule A), , . . 1,533,376 74 

on company's policies assigned as collateral, . . 759,983 93 

Premium notes or loans on policies in force, .... 653,786 87 

Book value of stocks and bonds owned (schedule B), . . 13,673,424 52 
Cash in company's office, ........ 1,448 03 

Cash deposited in bank, . - 776,866 83 

Total ledger assets, as per balance, .... $24,630,783 45 

Other Assets. 

Interest due and accrued, ........ 269,964 29 

Rents due and accrued, ........ 12,930 75 

Market value of stocks and bonds, over book,. . . , 716,635 66 

New Business. Renewals. 

Uncollected premiums on poli- 
cies in force, .... $17,243 83 $207,420 51 

Deferred premiums on policies 
in force, 50,167 00 75,907 00 

Total $67,410 83 $283,327 51 

Deduct loading (20 per cent.), . 13,482 16 56,665 50 

Net amount of uncollected and 

deferred premiums, . . $53,928 67 $226,662 01 280,590 68 

Total assets, per company's books, . . . . $25,910,904 83 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . . . $23,590,074 00 
Death losses due and unpaid, .... $ 87,785 00 
Matured endowments due and unpaid, . . 17,255 00 

Total policy claims 105,040 00 

Unpaid distributions of surplus due policy holders, . . 125,439 49 

Liabilities as to policy holders, . . . . $23,820,553 49 

Surplus as regards policy holders, ...... 2,090,351 34 

Gross liabilities, . $25,910,904 83 



28 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY. 



Premium Note Account. 
Premium notes on hand Dec. 31, 1895, .* . $693,541 09 
Premium notes received during 1896 (new poli- 
cies, $142,501.63 ; old policies, $673,155.40), . 815,657 03 
Premium notes restored by revival of policies, 4,481 59 

Total, . 

Used in payment of losses and claims, . . $28,669 15 

Used in purchase of surrendered policies, . 16,947 83 

Voided by lapse, ...... . . . . 64,710 53 

Used in paym't of distributes to policy holders, 4,855 95 

Redeemed by maker in cash, .... 744,709 38 

Total,. . 



Balance note assets Dec. 31, 1896, 



fl,513,679 71 



859,892 84 
$653,786 87 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

Whole life, . . . 8,116 $ 23,586,594 00 

Endowment, . . . 26,481 74,017,266 00 

All other, .... 372 993,196 00 

— : 34,969 $98,597,056 00 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

. 2,144 $5,804,400 00 

. 1,487 " 3,187,900 00 

319 959,500 00 



3,950 9,951,800 00 



Whole life, 
Endowment, 
All other, . 



Old Policies revived. 

23 $46,052 00 

14 22,159 00 

29 115,000 00 



66 



183,211 00 



Whole life, 
Endowment, 

Additions by dividends, . 
Total, .... 



Old Policies increased. 

$11,037 00 
143,619 00 



154,656 00 
40,896 00 



38,985 $108,927,619 00 



Policies terminated during the Year. 

Whole life, ... 725 $2,183,835 00 
Endowment, . . . 2,306 6,662,975 00 
All other, .... 35 84,717 00 



3,066 $8,931,527 00 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY. 



29 





How terminated. 






Number. 


Amount. Total No. 


Total Amount. 


By death, . 


482 


f 1,551,890 00 




maturity, 


112 


315,367 00 




surrender, . 


1,023 


2,493,413 00 




lapse, .... 


962 


2,235,750 00 




change and decrease, . 


- 


1,064,447 00 




Not taken, .... 


487 


1,270,660 00 








3,066 


$8,931,527 00 



Whole life, 
Endowment, 
All other, . 



Policies in Force Dec. 31, 1896. 

. 9,558 $27,277,916 00 

. 25,676 70,735,197 00 

685 1,982,979 00 
35,919 



99,996,092 00 



Schedule A. 

Securities held as Collateral. 



Kansas City Stock Yards Co., . 
Boston Northwest Real Estate Co., . 
Rutland R.R. Co., .... 
Chicago, Burlington & Northern, 
Duluth & Iron Range, 
Evansville, Terre Haute & Chicago, 
Milwaukee, Lake Shore & Western, 
Westchester Water Works, 
Evansville, Terre Haute & Chicago, 
Atchison, Topeka & Santa Fe, . 
Globe National Bank of Boston, 
Boston Wharf Co., .... 
Anioskeag Manufacturing Co., 
Cocheco Manufacturing Co., 
Mexican Telegraph Co., . 
Kansas City Stock Yards Co., . 
Chicago June. R'ys & U. Stock Yards Co 
Illinois Steel Co., .... 
Chicago & West Michigan, 
Central & South American Telegraph Co 
Lake Erie & Western, 
American Loan and Trust Co., 
Southern Railway Co., 
Galveston, Harrisburg & San Antonio, 
Fourth National Bank, Boston, 
Atchison, Topeka & Santa Fe, . 
First National Bank, Dubuque, 
Home Insurance Co. of New York, . 
Fitchburg Gas & Electric Co., . 



Market Value. 

$80,595 00 

38,720 00 

950 00 

1,995 00 

1,030 00 

1,000 00 

1,130 00 

1,000 00 

2,760 00 

2,023 75 

30,240 00 

84,375 00 

27,115 00 

8,460 00 

40,800 00 

22,545 00 

10,050 00 

28,350 00 

1,125 00 

4,760 00 

6,800 00 

2,805 00 

925 00 

2,853 75 

56,040 00 

32,015 00 

1,500 00 

280 00 

7,500 00 



Loaned Thereon. 

$50,000 00 
25,000 00 



y 10,000 oo 



27,000 00 
50,000 00 



y 100,000 



)■ 18,000 00 



J 



45,000 00 
25,000 00 

1,000 00 
2,500 00 



30 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY. 



Arlington Mills, 

Atchison, Topeka & Santa Fe, . 

N. E. Safe Deposit & Trust Co., Mo., 

Union Pacific, 

Pennichuck Water Works, 

New Hampshire Banking Co., . 

Nashua Trust Co., ..... 

Pennichuck Water Works, 

Louisville, Evansville & St. Louis, . 

New York & New England, 

Burlington & Mo. River R.R. Co. in Neb., 

Norwich & Worcester, .... 

Rensselaer & Saratoga, .... 

West End Street Railway Co., . 

First National Bank of Dubuque, 

Chicago, Burlington & Northern, . 

New England Trust Co., .... 

Bay State Trust Co., . . 

Old Colony Trust Co., . . . 

Colorado Fuel and Iron Co , . 

Merchants' National Bank of Indianapolis, 

Atchison, Topeka & Santa Fe, . 

Constitution Wharf, 

Boston & Gloucester Steamboat Co., 

Boston & Maine, 

Upper Coos R.R. Co., .... 
Connecticut River R.R. Co., 

Boston & Albany, 

Boston & Providence, .... 
Metropolitan St. Railway Co., Kansas City, 
Fourth National Bank, Boston, 
Boston & Maine, . . . . 
Chicago, Burlington & Quincy, 
Fremont, Elkhorn & Missouri Valley, 
Chicago, Burlington & Quincy, 
New York Central & Hudson River, 
West End Street Railway Co., Boston, 
Dominion Coal Co., ..... 

Portland, Oregon, 

Los Angeles, California, .... 
Metropolitan St. Railway Co., Kansas City, 

Illinois Steel Co., 

Chicago & Eastern Illinois, 

Allegheny, ...... 

Metropolitan St. Railway Co., Kansas City, 
Rio Grande Western, .... 

Mexican Central, ..... 

Pullman's Palace Car Co., 



Market Value. 

$ 34,700 00 ) 
10,118 75 S 
2,600 00 
25,000 00 
2,880 00 n 
2,300 00 i 
1,000 00 ) 
4,000 00 
100,000 001 
44,650 00 | 
19,600 00 [ 
58,800 00 | 
45,250 00 J 
64,500 00 
750 00 
997 50 
14,040 00" 
3,750 00 > 
4,625 00 [ 
2,500 00 J 
6,500 00 
34,835 00 
21,000 00 
24,000 00 
34,067 00 ? 
12,000 00 S 
62,500 00 
13,020 00 ) 
8,153 00 S 
1,500 00 
12,000 00 
489 00 ) 
1,050 00 S 
1,280 00 ^ 
1,150 00 
1,055 00 
1,040 00 j> 

955 00 

2,240 00 

1,742 50 J 

34,960 00 

33,210 00 

10,000 00 

54,170 00 

27,600 00 

7,425 00 

7,500 00 

15,100 00 



Loaned Thereon. 

$25,000 00 

2,000 00 
19,000 00 

5,000 00 

2,500 00 

235,600 00 



50,000 00 
500 00 
600 00 

20,000 00 

4,000 00 
25,000 00 

7,000 00 
20,000 00 

39,000 00 

50,000 00 
17,000 00 

1,500 ©0 
9,400 00 

1,000 00 



6,500 00 



34,200 00 
35,750 00 

50,000 00 
27,000 00 

15,000 00 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY. 



31 



Chicago, Burlington & Quincy, 

Huntington Avenue lands, 

Chicago, Burlington & Quincy, 

Atchison, Topeka & Santa Fe, . 

Swift & Co., .... 

Third National Bank, Boston, . 

Hingham Water Co., 

Huntington Avenue lands, 

Westminster Bank, Providence, 

N. E. Safe Deposit & Trust Co of Mo., . 

Metropolitan St. Railway Co., Kansas City, 

Colorado Fuel & Iron Co., 

Metropolitan St. Railway Co., Kansas City, 

Street Railway & Illuminating Properties, 

Chicago, Burlington & Quincy, 

Mexican Telegraph Co , . 

Edison Elec. Illuminating Co., New York, 

Chicago June. R'ys & CT. Stock Yards Co., 

Boston & Albany, 

Chicago June. R'ys & U. Stock Yards Co , 
Chicago, Burlington & Quincy, 
Milwaukee & Northern, .... 
Metropolitan St. Railway Co., Kansas City, 
Great Falls Manufacturing Co., 
Old Colony Trust Co., .... 
General Electric Co., .... 



Market Value. 

$63,750 00 

7,500 00 

1,750 00 

1,410 00 

965 00 

8,100 00 

7,500 00 

10,500 00 

5,600 CO 

6,500 00 

30,000 00 

10,000 00 

24,000 00 

32,000 00 

84,000 00 

23,200 00 

10,100 00 

15,075 00 

26,250 00 

22,048 00 

5,250 00 

60,400 00 

• 29,440 00 

16,320 00 

27,750 00 

76,500 00 



Loaned Thereon. 

|50,000 00 

790 57 

1,450 00 

I 1,600 00 

I 13,000 00 

9,146 17 

5,000 00 
4,500 00 

I 30,000 00 
I 45,000 00 

} 

[ 100,000 00 

I 

J .. 

18,000 00 
I 20,000 00 

50,000 00 
28,840 00 

i 100,000 00 



,978,253 25 $1,533,376 74 



72 si 


lar 


100 


(c 


333 


<t 


100 


a 


50 


C( 


52 


66 


91 


(t 


107 


(C 


150 


t( 


140 


a 


240 


u 


160 


u 


134 


(6 


120 


li 


1,400 ' 


u 


500 


It 



Schedule B. 

Stocks and Bonds owned by the Company. 

Book Value. Market Value. 

es Atlantic National Bank, . ' . $7,101 00 $7,776 00 

Bay State Natl Bank, Lawrence, 7,500 00 12,000 00 

Boston National Bank, . . . 33,300 00 29,387 50 

Continental National Bank, . . 10,000 00 10,000 00 

First National Bank, Cambridge, 7,500 00 8,750 00 

Massachusetts National Bank, . 5,200 00 4,186 00 

Merchants 1 National Bank, . . 13,650 00 14,014 00 

National City Bank, Lynn, . . 16,050 00 18,725 00 

National Revere Bank, . . 15,000 00 12,075 00 

National Hide and Leather Bank, 14,000 00 15,172 50 

National Eagle Bank, . . . 24,000 00 17,880 00 

Tremont National Bank, . . 15,951 25 13,120 00 

National Webster Bank, . . 13,400 00 13,433 50 

State National Bank, . . . 10,273 10 12,990 00 

Third National Bank, . . . 140,000 00 126,000 00 

Globe National Bank, . . . 50,000 00 42,000 00 



32 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY. 



400 shares Nicollet National Bank, Minn., 
150 " Boston National Bank, Seattle, 
150 " Winthrop National Bank, ~. 
625 " Boston Safe Deposit & Trust Co 
200 " American Loan and Trust Co., 
390 " N. E. Safe Dep. & T. Co. of Mo 
243 " N. E. Safe Deposit and Trust Co 
250 " Mercantile Loan and Trust Co., 
70 " State Street Safe Dep. & T. Co., 
100 " Mattapan Deposit and Trust Co , 
1,063 " Boston & Albany R.R., 

300 " Boston & Providence R.R., . 
1,378 " Chic, Burlington & Quincy R.R, 
800 " Conn. & Passumpsic Rivers R.R 
900 " Fitchburg R.R., . 
281 " N. Y., New Haven & Hart R.R. 
850 " Norwich & Worcester R.R., . 
100 " Northern R.R , 
300 " Chicago & Alton R.R., . 
157 " Eastern, in New Hampshire, R.R. 
200 " Portland, Saco & Portsm'th R.R. 
200 " Boston & Lowell R.R., . 

1,120 " Metro. Street R'y, Kansas City, 
500 " West End Street Railway, . 
60 " Denver City R.R.,. 
5 " Dwight Manufacturing Co., . 
50 " Massachusetts Cotton Mills, 
120 " Mass. Title Insurance Co., . 
490£ " Land Title Guaran. Co., Kan. City 

1 ,000 " Boston Northwest Real Estate Co. 
50 " Boston Ground Rent Trust, . 
125 " Denver Consolidated Gas Co., 
160 " Mass. Firep'f St. and Ware. Co , 

United States bonds, 

Chicago, Burlington & Quincy bonds, 

Eastern R.R. bonds, 

Phil., Wilmington & Baltimore R R. bonds, 

New Haven & Derby R.R. bonds, 

Chicago & Eastern Illinois R R. bonds, . 

Fremont, Elkhorn & Mo. Valley R R. bonds, 

Maine Central R.R. bonds, 

Ottumwa, Cedar Falls & St. Paul R.R. bonds, 

Dayton & Michigan R.R. bonds, 

Delaware & Chesapeake R.R bonds, 

Pittsburgh, Cleveland & Toledo R.R. bonds, 

Chicago, Milwaukee & St. Paul R R. bonds, 

Michigan Central R R. bonds, . 

Northern Illinois R R. bonds, . 



Book Value. 

$40,000 00 
15,000 00 
15,000 00 
93,750 00 
20,000 00 
36,930 57 
24,300 00 
25,000 00 
7,000 00 
10,000 00 
159,450 00 
45,000 00 

137,732 77 
80,000 00 
82,225 75 
39,350 00 

127,500 00 
10,000 00 
30,000 00 
11,775 00 
20,000 00 
30,000 00 

109,500 00 

37,500 00 

1,000 00 

5,000 00 

5,000 00 

12,000 00 

4,851 40 

77,500 00 

50,000 00 

7,000 00 

16,000 00 

591,037 50 
25,000 00 

275,000 00 

193,871 67 
14,250 00 

187,050 00 
50,000 00 

115,403 75 
50,000 00 
50,000 00 

108,531 25 
50,000 00 
98,942 50 

198,500 00 

100,000 00 



Market Value. 

$34,000 00 
13,500 00 
19,650 00 
125,000 00 
28,050 00 
50,700 00 
24,300 00 
25,000 00 
7,192 50 
11,000 00 
223,230 00 
78,900 00 
96,460 00 
116,800 00 
82,800 00 
49,877 50 
166,600 00 
15,375 00 
48,000 00 
14,287 00 
28,600 00 
42,000 00 
67,200 00 
42,500 00 
1,000 00 
4,675 00 
5,200 00 
6,000 00 
12,262 50 
66,000 00 
50,000 00 
7,500 00 
16,000 00 
601,250 00 
25,250 00 
325,875 00 
206,080 00 
15,750 00 
190,000 00 
64,000 00 
132,795 00 
55,000 00 
54,500 00 
110,000 00 
55,000 00 
115,000 00 
215,000 00 
106,000 00 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY. 



33 



Chicago & Northwestern R.R. bonds, 

Kan. City, Clinton & Springfield R.R. bonds, 

Union Pacific R.R. bonds, .... 

Bur. & Missouri River in Nebraska bonds, 

St. Joseph & Grand Island R.R. bonds, . 

Corrigan Consolidated Street R'y bonds, 

St. Louis Cable & Western R.R. bonds, . 

Spokane & Palouse R.R. bonds, 

Chicago, Burlington & Northern R.R. bonds, 

Helena & Red Mountain R.R. bonds, 

Kansas City Cable R R. bonds, 

Dakota & Great Southern R.R bonds, 

Des Moines &■ Fort Dodge R R. bonds, . 

Housatonic R.R. bonds, .... 

Duluth & Iron Range R.R. bonds, . 

Chicago, Rock Island & Pacific R.R. bonds, 

Fitchburg R.R. bonds, .... 

Baltimore & Ohio R.R. bonds, . 

Grand Rapids, Lansing & Detroit R.R. bonds 

Grand Avenue R.R. bonds, 

Oregon Short Line R.R. bonds, 

Louisville, Evansville & St. Louis R.R. bonds 

Evansville, Terre Haute & Chic. R.R. bonds, 

Boston & Providence R.R. bonds, 

Boston & Maine R.R. bonds, . 

Denver city bonds, .... 

Metropolitan Street Railway bonds, 

Pennsylvania R.R. bonds, 

Kansas Equipment Co. bonds, . 

Portland Union Railway Station Co. bonds, 

Atchison, Topeka & Santa Fe R.R. bonds, 

Omaha Street Railway bonds, . 

St. Louis & Suburban Railway bonds, 

N. Y. Central & Hudson River R.R. bonds, 

Rio Grande Western R.R. bonds, 

Cincinnati, Dayton & Ironton R.R. bonds, 

Cleve , Cin., Chicago & St. Louis R.R. bonds, 

Chicago & West Michigan R.R. bonds, . 

Brookline & Pepperell R.R. bonds, . 

Pitts., Cincinnati, Chic. & St. Louis R.R. bonds 

Sturgis, Goshen & St. Louis R.R. bonds, . 

Globe Street Railway bonds, . 

Concord & Montreal R.R. bonds, 

New York, New Haven & Hart. R.R. bonds, 

Old Colony R.R. bonds, .... 

Connecticut River R.R. bonds, . 

Worcester Consolidated Street Railway bonds, 

Boston Terminal Company bonds, . 



Book Value. 

$50,000 00 
41,600 00 

100,000 00 

121,066 25 
38,240 00 

100,000 00 
50,000 00 
21,920 00 

100,000 00 
28,160 00 
99,500 00 

100,000 00 
21,700 00 

100,000 00 
47,500 00 

100,000 00 

230,000 00 
50,000 00 
22,950 00 
95,500 00 
50,000 00 

100,000 00 
10,000 00 

125,000 00 

175,000 00 
86,000 00 

192,000 00 

150,000 00 
25,000 00 
50,000 00 

279,580 00 
98,500 00 
15,352 00 

100,000 00 
23,700 00 
47,750 00 
91,000 00 
40,490 00 
49,000 00 
50,000 00 
36,250 00 

100,000 00 

299,250 00 
11,500 00 

125,000 00 
60,000 00 
48,500 00 

.100,000 00 



Market Value. 

$54,500 00 
30,000 00 
85,000 00 

124,460 00 
25,000 00 

100,000 00 
54,000 00 
21,000 00 

105,000 00 
15,000 00 

100,000 00 

109,000 00 
20,750 00 

123,000 00 
51,500 00 

104,500 CO 

242,550 (0 
51,500 00 
15,000 00 
97,000 00 
56,250 00 

100,000 10 
10,000 00 

128,750 00 

183,125 00 
50,000 00 

194,000 00 

163,500 00 
20,000 00 
51,000 00 

281,931 25 
98,000 00 
14,040 00 

105,500 00 
22,350 00 
53,000 00 
80,000 00 
22,937 50 
52,430 00 
54,375 00 
37,500 00 

100,000 00 

315,000 00 
15,755 00 

135,000 00 
60,000 00 
49,000 00 

100,000 00 



34 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY. 



Boston city bonds, 

Boston sterling loan, 

New Hampshire State bond*, 

Lawrence, Mass., city bonds, 

Lynn, Mass., city bonds, 

Cincinnati city bonds, 

Worcester city bonds, 

Brookline, Mass., bonds, 

Fitchburg city bonds, 

Springfield, Mass., bonds, 

Providence city bonds, 

Norwich city bonds, . 

Fall River city bonds, 

Holyoke city bonds, . 

Newton city bonds, . 

New Bedford city bonds, 

Salem city bonds, 

Lewiston city bonds, 

Pawtucket city bonds, 

Kansas City, Mo.^ bonds, 

Lawrence, Kan., bonds, 

Lincoln, Neb., bonds, 

Indianapolis bonds, . 

St. Paul city bonds, . 

Minneapolis city bonds, 

Shebo} T gan, Wis., bonds, 

Helena city bonds, . 

Columbus, O , bonds, 

Lowell city bonds, 

Waltham city bonds, 

Manchester, Mass., bonds, 

Milwaukee city bonds, 

Seattle city bonds, 

Omaha city bonds, . 

Marietta, O , city bonds, 

Woburn, Mass., city bond* 

Eden, Me., bonds, 

Brockton, Mass., bonds, 

Chicago bonds, . 

Bridgeport, Conn., bonds, 

St. Albans, Vt., bonds, 

Meredith Village Fire District bonds, 

County of Cuyahoga, O., bonds, 

Johnston, R. I., bonds, 

Morrisville, Vt., bonds, 

Lancaster, N. H., Fire Precinct bonds, 

Milton, Mass., bonds, 

Wayne County, Mich., bonds, 



Book Value 

L,0i0,736 12 

85,070 00 

21,000 00 

80,210 83 

225,000 00 

85,000 00 

85,000 00 

266,182 00 

78,485 17 

126,000 00 

146,403 06 

94,000 00 

51,000 00 

5,000 00 

60,000 00 

10,000 00 

10,000 00 

100,000 00 

150,000 00 

163,808 25 

50,000 00 

49,583 33 

100,000 00 

100,000 00 

185,000 00 

100,000 00 

50,000 00 

28,000 00 

69,000 00 

110,000 00 

120,000 00 

42,000 00 

25,000 00 

117,000 00 

49,000 00 

19,000 00 

68,000 00 

7,980 00 

149,750 00 

50,000 00 

19,980 00 

35,000 00 

50,000 00 

55,000 00 

45,000 00 

40,100 00 

24,500 00 

50,000 00 



Market Value. 

11,112,132 80 

91,112 52 

24,091 20 

87,576 00 

231,925 00 

99,280 00 

95,676 00 

276,064 56 

93,960 00 

148,932 00 

164,693 00 

110,851 00 

54,684 00 

5,338 00 

70,950 00 

11,133 00 

10,910 00 

112,620 00 

152,175 00 

168,146 20 

50,000 00 

51,500 00 

102,400 00 

111,300 00 

191,687 50 

104,730 00 

57,110 00 

29,232 00 

71,547 00 

111,202 50 

125,220 00 

43,151 00 

26,320 00 

119,664 50 

51,793 00 

19,363 00 

69,529 00 

8,016 00 

155,600 00 

53,430 00 

20,211 00 

39,180 50 

50,000 00 

56,539 00 

45,931 00 

40,950 75 

24,942 40 

51,050 00 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



35 



Willimantic, Conn., bonds, 

Quincy, Mass., bonds, 

St. Paul Chamber of Commerce bonds, 

Minneapolis Gas Light Co. bonds, . 

Brookline Gas Light Co. bonds, 

Denver Consolidated Gas Co. bonds, 

Troy Gas Co. bonds, .... 

Worcester Electric Light Co. bonds, 

Chelsea Gas Light Co. bonds, . 

Algonquin Club, Boston, bonds, 

Jamaica Plain Gas Light Co. notes, 

Norwich & Worcester R.R. Co. notes, 

N. Y., New Haven & Hartford R.R. Co. notes 

Pittsfield, Mass., notes, 

Charlestown Gas and Electric Co. notes, 

Rockingham, Vt , notes, . 

New Bedford, Mass., notes, 

Maine Central R.R. Co. notes, . 



Book Value. 

$80,000 00 
13,000 00 
48,750 00 
50,000 00 
50,000 00 
43,000 00 
25,000 00 
50,000 00 

100,000 00 
24,000 00 
20,000 00 

130,000 00 

300,000 00 
25,000 00 
25,000 00 
20,000 00 
25,000 00 
50,000 00 



Market Value. 

$84,240 00 
13,222 00 
50,000 00 
51,500 00 
50,625 00 
50,000 00 
26,750 00 
50,000 00 

100,000 00 
24,000 00 
20,000 00 

130,000 00 

300,000 00 
25,000 00 
25,000 00 
20,000 00 
25,000 00 
50,000 00 



$13,673,424 52 f 14,390,060 18 



STATE MUTUAL LIFE ASSURANCE COMPANY, WORCESTER. 

[Incorporated March 16, 1844. Commenced business June 1, 1845.] 

A. G. Bullock, President. Henry M. Witter, Secretary. 



Income. 

Received for premiums on new policies, $293,166 39 

Received for renewal premiums, . . . . . 1,830,564 74 

Dividends applied to pay running premiums, .... 270,229 70 

Dividends applied to purchase paid-up additions and annuities, 83,722 68 



Total, 

Deduct amount paid for reinsurance, 

Total premium income, 
Received for interest, .... 
Received for rents of company's property, 

Total income, 
Net or ledger assets Dec. 31, 1895, . 



$2,477,683 51 
4,483 30 

$2,473,200 21 

485,023 74 

35.278 41 

$2,993,502 36 
10,317,661 46 



Total, 



$13,311,163 h2 



36 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



Disbursements. 

Paid for losses and additions, 

Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 
Cash dividends paid policy holders, 

applied to pay running premiums, . 
applied to purchase paid-up additions and 
annuities, 
Surrender values paid in cash, 

Total paid policy holders, 

Cash paid for commissions and bonuses to agents (new poli- 
cies, $143,629 ; renewals, $ 146,086), . 

for salaries and allowances to managers and agents 

for medical examiner's fees and inspections, . 

for salaries of officers and home office employees 

for taxes on new premiums, $2,346.13 ; on re 
newals, $10,546.59, 

for taxes on reserves, 

for taxes on real estate, 

for fees, licenses, etc , 

for rent, . 

for legal expenses, . 

for real estate expenses (except taxes), 

for loss on sales of property, . 

for incidentals, .... 

Profit and loss account, ..... 
On account of office building, .... 

Total disbursements, 

Balance, ....... 



$540,812 81 
84,101 00 

$624,913 81 

8,776 14 

270,229 70 

83,722 68 
314,686 42 

1,302,328 75 

289,715 00 
29,393 50 
20,888 00 
45,843 00 

12,892 72 
17,190 23 
13,604 82 

4,727 77 
25,963 64 

2,678 65 
32,655 57 
43,833 72 
33,073 38 

4,272 25 
50,000 00 

. $1,929,061 00 

$11,382,102 82 



Invested in the following : 



Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, ...... 

Cash deposited in bank, 



M,341,643 19 

2,289,787 07 

378,475 00 

339,146 00 

6,702,617 00 

3,331 11 

527,103 45 



Total net or ledger assets, as per balance, 



$11,382,102 82 



STATE MUTUAL LIFE ASSURANCE COMPANY. 37 



Other Assets. 

Interest due and accrued, ........ $146,630 00 

Rents due and accrued, 2,370 00 

Market value of stocks and bonds over cost, .... 338,340 00 

New Business. Renewals. 

Uncollected premiums on poli- 
cies in force, .... $35,613 95 $132,686 57 

Deferred premiums on policies 

in force, 30,212 00 260,998 70 



Total, f65,825 95 $393,685 27 

Deduct loading (20 per cent.), . 13,165 19 78,737 05 



Net amount of uncollected and 

deferred premiums, , . $52,660 76 $314,948 22 



367,608 98 



Total assets, per company's books, .... $12,237,051 80 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries 1 4 per cent.), 
Deduct net value of reinsured risks, 



Net reserve, .... 
Death losses in process of adjustment, 
Claims resisted by the company, 

Total policy claims, . 

Liabilities as to policy holders, . 
Surplus as regards policy holders, . 



Gross liabilities, 



$10,893,174 00 
22,105 00 



$10,871,069 00 
$35,164 00 
35,000 00 
70,164 00 



$10,941,233 00 
1,295,818 80 

$12,237,051 80 



Exhibit of Policies. 



Policies and Additions in Force Bee. 31, 1895. 

Kumbei - . Amount. Total No. Total Amount. 

Whole life, . . . 3,052 $8,189,820 00 
Endowment, . . . 17,997 51,460,531 00 
Reversionary additions, . - 641,099 00 

21,049 $60,291,450 00 

Policies issued during the Tear. 

Whole life, . . . 1,561 $4,268,067 00 
Endowment, . . . 1,216 2,655,000 00 
All other, .... 160 600,589 00 

2,937 7,523,656 00 

Endowment policies revived, 4 25,000 00 



38 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



Old Policies increased. 



Number. 



Whole life, 
Endowment, 

Additions by dividends, 



Amount. Total No. 

$260 00 
23.084 00 



Total Amount. 



$23,344 00 
157,031 00 



Total, 23,990 $68,020,481 00 



Policies terminated during the Year. 

Whole life, ... 348 $1,011,95700 
Endowment, . . . 1,750 4,866,348 00 
All other, .... 16 101,382 00 



2,114 



1,979,687 00 



How terminated. 



By death, . 


184 


$559,129 00 






maturity, 


34 


84,101 00 






expiry, . 


4 


9.000 00 






surrender, . 


773 


1,988,192 00 






lapse, . 


571 


1,374,500 00 






change and decrease, . 


38 


706,991 00 






Not taken, . 


510 


1,257,774 00 


2,114 


5,979,687 00 



Policies in Force Dec. 31, 1896. 

Whole life, . . . 4,265 $11,446,190 00 

Endowment, . . - . 17,467 49,297,267 00 

All other, .... 144 550,589 00 

Reversionary additions, . - 746,748 00 



21,876 62,040,794 00 



Schedule A. 

Securities held as Collateral. 

Market Value. 

100 shares European & Northern R R. Co., . $12,000 00 

200 " Whitman & Barnes Mfg. Co., . . 20,000 00 

100 " Mexican Central R.R. Co., . . 800 00 

20 " Worcester Traction Co., . . . 1,900 00 

100 " Worcester Traction Co., . . . 9,500 00 

50 " Worcester Traction Co., . . . 4,750 00 

75 " Worcester Traction Co., . . . 7,125 00 

Worcester & Shrewsbury R.R. Co bonds, . 6,000 00 

Pullman Palace Car Co. bonds, . . . 3,000 00 



Loaned Thereon. 

$7,500 00 
15,000 00 

1,700 00 

6,500 00 
4,000 00 
3,875 00 
4,000 00 
1,800 00 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



39 



450 shares Boston & Montana Mining Co., 
Ellicott Square Co., Buffalo, bonds, . 
C, B. & Q. R.R. Co. bonds, 

10 shares Worcester Safe Dep. & Trust Co., 
Congress Hotel Co., Chicago, bonds, 

60 shares Spy Publishing Co., 

35 " First National Bank, Worcester, 

12 " Boston & Albany R.R. Co., . 

30 " Fitchburg R.R. Co., 

6 " Boston & Albany R.R. Co., . 
45 " Duncan, Goodell Co., 
20 " N. Y. C. & H. R. R.R Co, . 

6 " American Bell Telephone Co., 
56 " Washburn & Moen Mfg. Co., . 

Dominion Coal Co. bonds, 
400 shares Boston and Montana Mining Co., 
New England Building Co. bonds, . 
54 shares Norwich & Worcester R.R. Co., 
Union Pacific R.R. Co. bonds, . 

31 shares National Bank, Bellows Falls, 
300 " Boston & Montana Mining Co., 
150 " Quincy Mining Co., 

15 " Worcester National Bank, 

400 " Washburn & Moen Mfg. Co., 

City of Somerville, Mass., bonds, 

City of Melrose, Mass., bonds, . 

City of Taunton, Mass., bonds, . 

Demand note, secured by mortgage, 
25 shares Worcester Traction Co., 
50 " Chic. June. R'y & U. St'k Yard Co. 

7 " Worcester Electric Light Co.,. 
100 " Worcester Traction Co., . 

30 " Worcester Corset Co , 
42 " Chic, Bur. & Quincy R.R. Co., 
Norwich & Worcester R.R. Co. bond, 
200 shares Worcester Traction Co., . 



Schedule B. 



Market Value. 

$43,200 00 

5,250 00 

1,500 00 

1,350 00 

25,000 00 

8,400 00 

5,250 00 

2,496 00 

2,760 00 

1,248 00 

4,500 00 

1,840 00 

1,230 00 

6,720 00 

43,240 00 

38,400 00 

34,300 00 

10,584 00 

7,000 00 

4,030 00 

28,800 00 

18,000 00 

2,250 00 

48,000 00 

46,010 00 

6,420 00 

3,210 00 

13,000 00 

2,375 00 

5,000 00 

1,050 00 

9,500 00 

3,600 00 

2,940 00 

1,000 00 

19,000 00 



•Loaned Thereon. 

) 

\ $35,000 00 

J 

20,000 00 
7,000 00 
3,000 00 

800 00 

1,000 00 

2,200 00 

1,400 00 

100 00 

5,200 00 

30,000 00 

20,000 00 

30,000 00 

7,500 00 

4,000 00 

1,200 00 

33,000 00 

1,500 00 
40,000 00 

50,000 00 



5,500 00 

7,000 00 

1,000 00 

2,700 00 

1,000 00 

14,000 00 



$523,528 00 $378,475 00 



Slocks and Bonds owned by the Company. 



625 shares Boston & Albany R.R., . 

300 " Boston & Maine R.R., . 

338 " Chicago & Alton RR, . 

110 " Chic, Burlington & Quincy R.R., 

100 " Chicago & Northwestern R.R., 

300 " Chic, Rock Island & Pacific R.R., 

300 " Fitchburg R.R., 



Cost Value. 

$97,851 00 

47,924 00 

45,754 00 

13,256 00 

14,012 00 

35,085 00 

27,189 00 



Market Value. 

|129,375 00 

50,100 00 

54,800 00 

7,700 00 

15,000 00 

19,500 00 

27,600 00 



40 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



300 shares Illinois Central R.R., 
400 " Morris & Essex R.R., . 
400 " New London & Northern R.R , 
665 " N. Y., New Haven & Hartford R.R 
600 " Norwich & Worcester R.R., . 
500 " Providence & Worcester R.R., 
300 " West End Street Railway Co., 
45 " State Safe Deposit Co., . 
90 " Adams Nat'l Bank, North Adams, 
150 " Atlantic National Bank, Boston, 
200 " Central National Bank, Worcester 
40 " City National Bank, Worcester, 
100 " Continental National Bank, Boston 
90 " Eliot National Bank, Boston, . 
50 " First National Bank, Boston, . 
112 " Hide & Leather Natl Bank, Boston 
100 " Howard National Bank, Boston, 
25 " Leicester National Bank, 
50 " Millbury National Bank, 
100 " Quinsigamond N'l B'k, Worcester 
1 15 " Redemption Nat'l Bank, Boston, 
75 " Republic National Bank, Boston, 
67 " Revere National Bank, Boston, 
67 " Shawmut National Bank, Boston, 
300 " Third National Bank, Springfield. 
50 " Tremont National Bank, Boston, 
25 " Wachusett Nat'l Bank, Fitchbnrg, 
33 " Webster National Bank, Boston, 
164 " Worcester National Bank, 
United States bonds, ..... 
Akron & Chicago Junction R.R. bonds, . 
Atlantic Ave R'y Co., Brooklyn, N. Y., bonds, 
Boston, Clinton, Fitch. & New Bed. R.R. b'ds, 
Baltimore & Ohio R.R. bonds, . 
Baltimore & Ohio Equipment Association b'ds, 
Baltimore Belt Railway Co. bonds, . 
Broadway Surface Railway Co. bonds, . 
Brooklyn City R.R. bonds, 
Boston & Maine R.R. bonds, . 
Burlington & Missouri River R.R. bonds, 
Central Pacific R.R. bonds, 
Chicago, Burlington & Quincy R.R. bonds, 
Chicago & Eastern Illinois R.R. bonds, . 
Chicago & Indiana Coal Railway Co. bonds, 
Chicago, Milwaukee & St. Paul R.R. bonds, 
Chicago & Northwestern R.R. bonds, 
Chicago, Rock Island & Pacific R.R. bonds, 
Chicago & Western Indiana R.R. bonds, . 



Cost Value. 

136,943 00 

25,450 00 

62,477 00 

101,020 00 

106,221 00 

76,893 00 

26,100 00 

4,500 00 

13,122 00 

18,388 00 

28,109 00 

4,000 00 

10,012 00 

10,575 00 

5,000 00 

11,575 00 

9,931 00 

2,650 00 

5,000 00 

10,090 00 

15,985 00 

7,562 00 

6,756 00 

6,725 00 

10,000 00 

8,300 00 

2,500 00 

3,575 00 

23.749 00 
180,000 00 

50,000 00 
87,175 00 
33,000 00 

150,000 00 
25,000 00 
25,000 00 
60,700 00 

109,500 00 
51,000 00 
18,600 00 
30,000 00 
28,400 00 
49,710 00 
25,000 00 

29.750 00 
132,177 00 

40,000 00 
44,900 00 



Market Value. 

$27,900 00 

33,000 00 

78,000 00 

118,370 00 

118,200 00 

125,000 00 

34,370 00 

4,500 00 

11,250 00 

16,200 00 

29,600 00 

5,800 00 

10,000 00 

10,980 00 

11,650 00 

12,096 00 

8,700 00 

3,750 00 

4,900 00 

13,500 00 

13,225 00 

10,350 00 

5,360 00 

7,504 00 

20,000 00 

4,100 00 

3,750 00 

3,300 00 

24,600 00 

178,500 00 

50,000 00 

92,200 00 

33,000 00 

139,000 00 

25,000 00 

23,500 00 

65,800 00 

113,000 00 

56,000 00 

18,800 00 

30,300 00 

28,800 00 

62,000 00 

25,000 00 

32,000 00 

135,600 00 

41,600 00 

46,800 00 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



41 



Chicago, St. Paul, Minn. & Omaha R'y Co. b'ds 
Chicago & West Michigan Railway Co. bonds 
Cincinnati, Hamilton & Dayton R.R. bonds, 
Cleveland, Col., Cin. & Indianapolis R.R. b'ds 
Cleveland, Cin., Chic. & St. Louis R.R. bonds 
Cleveland, Lorain & Wheeling R.R. bonds, 
Cleveland Electric Railway Co. bonds, . 
Columbus Connecting & Terminal R.R. bonds 
Consolidated St. R'y Co., Columbus, O., bonds 
Ellwood Short Line Railway Co. bonds, . 
Essex Street Railway Co. bonds, 
Evansville,Terre Haute & Chicago R.R. bonds 
Fitchburg R.R. bonds, .... 
Fulton Elevated Railway Co. bonds, 
Globe Street Railway Co. bonds, 
Grand Avenue Railway Co. bonds, . 
Great Northern Railway Co. bonds, 
HousatoniC R.R. bonds, .... 
King's County Elevated Railway Co. bonds, 
Lake Erie & Western R R. bonds, . 
Lehigh & New York Railway Co. bonds, 
Lehigh Valley Terminal Railway Co. bonds, 
Long Island City & Flushing R R. bonds, 
Maine Central R.R. bonds, 
Maine Central & Europ'n & North'n R.R. b'ds 
Metropolitan St. R'y Co., Kansas City, bonds 
Milwaukee City R.R. bonds, 
Minneapolis, Lyndale & Minnetonka R'y Co 
Michigan Central R.R. bonds, . 
N. Y. Central & Hudson River R.R. bonds, 
N. Y., Lackawanna & Western R.R. bonds, 
New York & New England R.R. bonds, . 
N. Y., New Haven & Hartford R.R. bonds, 
Northern Ohio R.R. bonds, 
North End Street Railway Co. bonds, 
Ohio River R.R. bonds, .... 
Old Colony Steamboat Co. bonds, . 
Omaha Street Railway, Neb., bonds, 
Pacific R.R. of Missouri bonds, 
Pittsburgh, Cleveland & Toledo R.R. bonds, 
Portland & Ogdensburg R R. bonds, 
Rio Grande & Western R.R. bonds, . 

Rutland R.R. bonds, 

Saginaw Consolidated St. Railway Co. bonds 
Saginaw Union St. Railway Co. bonds, . 
St. Johnsbury & Lake Cham plain bonds, 
St. L., Iron Mountain & Southern R R. bonds 
St. Paul, Minneapolis & Manitoba R.R. bonds 



Cost Value. 

$57,500 00 
25,872 00 
50,000 00 
19,800 00 
112,500 00 
47,500 00 
24,750 00 
47,500 00 
50,000 00 
22,500 00 
95,700 00 
10,250 00 
76,125 00 
25,000 00 
29,950 00 
24,125 00 
45,875 00 
77,750 00 
25,000 00 
96,500 00 
92,250 00 
52,500 00 
50,000 00 
26,855 00 
90,000 00 
29,250 00 
28,000 00 
24,625 00 
145,300 00 
32,325 00 
73,270 00 
10,662 00 
56,010 00 
154,125 00 
50,500 00 
24,375 00 
26,000 00 
49,100 00 
30,000 00 
21,200 00 
50,000 00 
19,500 00 
20,950 00 
9,800 00 
10,000 00 
55,000 00 
77,000 00 
57,625 00 



Market Value. 

$63,500 00 
15,937 00 
53,000 00 
22,680 00 
118,750 00 
53,500 00 
26,000 00 
51,000 00 
51,000 00 
26,250 00 
99,640 00 
10,300 00 
72,800 00 
17,500 00 
30,000 00 
25,500 00 
48,500 00 
91,500 00 
17,500 00 
109,000 00 
93,000 00 
55,000 00 
53,000 00 
28,750 00 
100,000 00 
30,000 00 
29,400 00 
25,000 00 
157,300 00 
31,200 00 
80,500 00 
11,600 00 
55,760 00 
157,500 00 
52,500 00 
26,500 00 
26,500 00 
51,000 00 
30,000 00 
21,000 00 
54,000 00 
20,000 00 
20,600 00 
10,400 00 
10,700 00 
60,000 00 
78,000 00 
62,250 00 



42 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



Street Railway, Grand Rapids, Mich., bonds, 

Terre Haute & Indianapolis R.R. bonds, 

Toledo & Ohio Central R.R. bonds, . 

Ulster & Delaware R.R. bonds, 

Wabash R.R. bonds, .... 

West Side R.R. Co , Milwaukee, bonds, 

West End Street Railway Co., Boston, bonds, 

Wilkesbarre & Eastern R.R. bonds, 

Worcester Consolidated Street R'y Co. bonds 

Worcester, Nashua & Rochester R.R. bonds, 

Abstract Safety Vault Co., Chicago, bonds, 

Congress Hotel Co , Chicago, bonds, . 

New Eng. Telephone & Telegraph Co. bonds 

Worcester Electric Light Co. bonds, 

Worcester Gas Light Co. bonds, 

Attleborough, Mass., bonds, 

Bangor, Me., bonds, . 

Beverly, Mass., bonds, 

Birmingham, Ala., bonds, 

Boston, Mass., bonds, 

Chicago, 111., bonds, . 

Cincinnati, O., bonds, 

Clinton, Mass., bonds, 

Columbus, O., bonds, 

County of Franklin, O., bonds, 

County of Hennepin and Minneapolis bonds, 

Duluth, Wis., bonds, . 

Fostoria, O., bonds, . 

Kansas City, Mo., School District bonds, 

Lawrence, Mass., bonds, . 

Lowell, Mass., bonds, - 

Minneapolis, Minn., bonds, 

Montclair, N. J., school bonds, 

Montclair, N. J., sewer bonds, 

Medford, Mass , bonds, 

Nashville, Tenn., bonds, . 

Newton, Mass., bonds, 

Omaha, Neb., sewer bonds, 

Omaha, Neb., park bonds, 

Portland, Me., bonds, 

Providence, R. I., bonds, . 

Quincy, Mass , bonds, 

St. Louis, Mo., bonds, 

St. Paul, Minn., bonds, 

Borough of Rutherford, N. J., bond 

Toledo, O , bonds, 

Watertown, Mass., bonds, 

Wayne County, Mich., building bonds, 



s, 



Cost Value. 

$16,050 00 
25,000 00 
48,000 00 

' 15,600 00 
50,000 00 
50,000 00 
15,000 00 
48,750 00 

110,870 00 

104,750 00 
52,000 00 
80,000 00 
26,250 00 
50,000 00 

100,000 00 
43,000 00 
26,375 00 
51,375 00 
26,750 00 
50,125 00 
19,000 00 
9,640 00 
46,400 00 
77,500 00 
10,000 00 
51,500 00 
18,200 00 
20,000 00 
23,800 00 
53,000 00 
52,000 00 
41,922 00 
48,500 00 
52,125 00 
20,000 00 
10,000 00 
26,750 00 
30,375 00 
26,250 00 
19,000 00 
25,875 00 
20,000 00 
21,450 00 
50,500 00 
48,000 00 
42,825 00 
50,000 00 
50,000 00 



Market Value. 

$15,000 00 
26,750 00 
51,000 00 
15,000 00 
52,500 00 
52,500 00 
15,600 00 
46,000 00 

121,800 00 

105,000 00 
54,060 00 
80,000 00 
26,500 00 
53,500 00 

107,000 00 
44,720 00 
26,250 00 
53,000 00 
22,500 00 
51,000 00 
19,000 00 
8,960 00 
46,000 00 
78,000 00 
10,800 00 
53,000 00 
20,000 00 
20,400 00 
25,000 00 
58,000 00 
53,000 00 
43,050 00 
50,300 00 
54,000 00 
21,600 00 
10,400 00 
29,000 00 
31,500 00 
27,000 00 
23,200 00 
25,500 00 
20,840 00 
20,600 00 
52,000 00 
52,500 00 
44,880 00 
52,000 00 
51,000 00 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



43 



Gardner Water Co. loan, .... 
Washburn & Moen Manufacturing Co. loan, 
Barre Water Co. loan, .... 
Norwich & Worcester R.R. Co. loan, 
Worcester Consolidated Street R'y Co. loan, 
Wor., Nash. & Rochester R.R. Co. loan, . 
Guilford, Vt., town loan, .... 



Cost Value. 

$60,000 00 
100,000 00 
14,500 00 
85,500 00 
23,000 00 
30,000 00 
500 00 



Market Value. 

$60,000 00 

100,000 00 

14,500 00 

85,500 00 

23,000 00 

30,000 00 

500 00 



,702,617 00 $7,040,957 00 



LIFE INSURANCE COMPANIES 

OF OTHER STATES. 



Detailed Statements of Assets and Liabilities, with Abstract 

of Annual Statements, for the Year ending 

December 31, 1896. 



DETAILED STATEMENTS OF ASSETS AND LIABILITIES. 



"^ETNA LIFE INSURANCE COMPANY," HARTFORD, CONN. 

[Incorporated 1820. Commenced business 1850.] 

Paid-up Capital, $1,750,000. 

Morgan G. Bulkeley, President. J. L. English, Secretary. 

Note. — As this company is doing both a life and accident business, and its assets are all held 
equally for the protection of both classes of policy holders, the assets are therefore not divided 
for the different departments. The details of both departments are given in their respective 
places. 



Income. 

Received for premiums on new policies, . 
Received for renewal premiums, .... 
Dividends applied to pay running premiums, . 
Surrender values applied to pay running premiums, 
Surrender values applied to purchase paid-up insurance and 
annuities, 



Total, . . ... 
Deduct amount paid for reinsurance, 

Total premium income, .... 

Received for interest, 

as discount on claims paid in advance, 
for rents of company's property, 
for reinsurance, . 

Premium notes or loans restored, . 

Profit on real estate sold, . 

Total income life department, . 
Total income accident department, 

Gross income, .... 
Net or ledger assets Dec. 31, 1895, . 



$674,216 29 

3,655,794 23 

633,328 56 

21,268 44 

233,333 70 

$5,217,941 22 
1,590 74 

$5,216,350 48 

2,276,687 09 

3,044 75 

21,150 82 

215 70 

298 46 

6,960 93 

$7,524,708 23 
457,441 15 

$7,982,149 38 
41,464,157 28 



Total, 



$19,446,306 66 



48 



JETNA LIFE INSUKANCE COMPANY. 



Disbursements. 



Paid for losses, . , .... 
for matured endowments, 
on matured instalment policies, 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 

Net amount paid for losses and endowments, . 
Premium notes or loans voided by lapse, 

used in purchase of surrendered 

policies, 

used in payment of dividends 
policy holders, 
Cash dividends paid policy holders, . 

Cash dividends applied to pay running premiums, . 

Surrender values paid in cash, 

applied to pay running premiums, 
applied to purchase paid-up insurance and 
annuities, ...... 



to 



Total paid policy holders, 

Cash paid for dividends to stockholders, .... 

for commissions and bonuses to agents (new poll 
cies, $347,028.61; renewals, $267,893.57), . 

for salaries and allowances to managers and 
agents, 

for medical examiner's fees and inspections, . 

for salaries of officers and home office employees, 

for taxes on new premiums, $6,037.72 ; on re- 
newals, $30,093.60, . 

for taxes on investments, $84,330.11 ; on reserves, 
$5,315.82, 

for fees, licenses, etc., .... 

for rent, 

for advertising, printing and postage, . 

for legal expenses, 

for furniture and office fixtures, 

for incidentals, ..... 
Profit and loss account, 



Total disbursements life department, 
Total disbursements accident department, 

Gross disbursements, .... 

Balance, . . . . . . 



$1,880,778 61 

1,058,062 00 

1,C00 00 

$2,939,840 6i 
10,000 00 

$2,929,840 61 
600 00 

9,273 96 

35,011 41 
211,750 57 
633,328 56 
254,486 21 

21,268 44 

233,333 70 

$4,328,893 46 
175,000 00 

614,922 18 

23,427 49 

42,811 73 

122,526 40 

36,131 32 

89,645 93 
11,961 39 
27,087 15 
67,249 33 
17,817 71 
4,349 99 
31,040 92 
15 61 

$5,592,880 61 
372,379 39 

$5,965,260 00 



$43,481,046 66 



.ETNA LIFE INSURANCE COMPANY. 49 

Invested in the following : — 

Assets as per Ledger Accounts. 

Cost of real estate, $486,348 25 

Loans on mortgage of real estate (first liens), . . . 25,200,422 44 

on collateral security (schedule A), . . . 422,672 65 

on company's policies assigned as collateral, . . 1,058,715 00 

Premium notes or loans on policies in force, . . . . 660,778 17 

Cost value of stocks and bonds owned (schedule B), . 12,872,180 31 

Cash in company's office, 578,118 52 

Cash deposited in bank, . . . . . . ' . 2,190,160 78 

Agents' debit balances, . 25,662 22 

Loans on personal security, . 1,350 00 

Total, $43,496,408 34 

Deduct agents' credit balances, 15,361 68 

Total net or ledger assets, as per balance, . . $43,481,046 66 

Other Assets. 

Interest due and accrued, 1,148,652 61 

Market value of stocks and bonds over cost, .... 574,571 85 

New Business. Renewals. 

Uncollected premiums on poli- 
cies in force, .... $28,776 96 f 147,238 67 

Deferred premiums on policies 

in force, . . . . . 48,258 98 223,951 85 

Total, ..... $77,035 94 $371,190 52 
Deduct loading (20 per cent.), 15,407 19 74,238 10 

Net amount of uncollected and 
deferred premiums, . . $61,628 75 $296,952 42 

— ■ 358,581 17 



Total assets, per company's books, . . ... $45,562,852 29 

Items not admitted. 

Agents' debit balances, $25,662 22 

Loans on personal security, \ 1,350 00 

Total, 27,012 22 



Total admitted assets, ...... $45,535,840 07 

Deduct special deposits in other States, 348,554 00 



Balance, . ... . . . . . $45,187,286 07 



50 



.ETNA LIFE INSURANCE COMPANY. 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . 
Deduct net value of reinsured risks, .... 



Net reserve, 

Present value of unpaid instalments, 
Commissions due on premium notes, 
Matured endowments due and unpaid, . 
Death losses in process of adjustment, . 
Claims resisted by the company, . . . 

Total policy claims, . . . . - 
Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, . . 
Contingent surrender values, . . . 
Bills payable, 



$37,494,265 00 

44,393 00 

137,449,872 00 

5,295 00 

392 54 



$51,024 00 

125,079 00 

36,846 00 



Liabilities life department, 
Liabilities accident department, 

Gross liabilities, 
Deduct liabilities on special deposits, 



Surplus as regards policy holders, . 
Paid-up capital, 
Surplus over capital, 



. $7,036,590 17 



Gross liabilities, 



212,949 00 

591,884 27 

8,352 79 

20,473 00 

8,495 43 

,297,714 03 
201,535 87 



$38,499,249 90 
348,554 00 

$38,150,695 90 

. 1,750,000 00 
. 5,286,590 17 

$45,187,286 07 



Premium Note Account. 

Premium notes on hand Dec. 31, 1895, 

received during 1896 (new poli- 
cies, $ 1,442.75 ; old policies, 
$44,490.40), .... 
restored by revival of policies, 

Total, 

Used in payment of losses and claims, . 
Used in purchase of surrendered policies, 
Voided by lapse, ...... 

Used in payment of dividends to policy holders, 
Redeemed by maker in cash, .... 

Total, 

Balance note assets Dec. 31, 1896, 



$704,471 36 




45,933 15 




298 46 






$750,702 97 




$26,289 64 




9,273 96 




600 00 




35,011 41 




18,749 79 






89,924 80 





,778 17 



JSTNA LIFE INSURANCE COMPANY. 



51 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

Whole life, . . . 34,361 $47,460,79100 
Endowment, . . . 40,319 68,078,883 00 
All other, .... 10,688 24,487,587 00 

85,368 $140,027,261 00 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

. 1,565 $3,160,618 00 
. 7,307 14,175,456 00 
. 1,714 4,241,866 00 



10,586 21,577,940 00 



Old Policies revived and increased. 



Whole life, 
Endowment, 
All other, . 



Total, . 



6 


$33,626 00 






61 


181,882 00 






275 


549,500 00 










342 


765,008 00 







96,296 $162,370,209 00 



Whole life, 
Endowment, 
All other, . 



Policies terminated during the Year. 



1,793 

4,762 
2,083 



53,047,705 00 
8,763,587 00 
4,922,976 00 



8,638 $16,734,268 00 



How terminated. 



By death, . 


1,258 


$1,894,844 00 


maturity, 


817 


1,054,181 00 


expiry, 


726 


1,876,616 00 


surrender, . 


1,469 


2,282,985 00 


lapse, . 


. 2,502 


5,634,375 00 


change and decrease, 


287 


645,750 00 


Not taken, . 


1,579 


3,345,517 00 



8,638 16,734,268 00 



Whole life, 
Endowment, 
All other, . 



Policies in Force Dec. 31, 1896. 

. 34,139 $47,607,330 00 
. 42,925 73,672,634 00 
. 10,594 24,355,977 00 

— — — 87,658 



145,635,941 00 



52 



.ETNA LIFE INSURANCE COMPANY. 



Schedule A. 

Securities held as Collateral. 



125 shares Hartford Fire Insurance Co., 

52 " JEtna Fire Insurance Co., 

300 " Willimantic Linen Co., 

25 " United States Bank, 

50 " Orient Fire Insurance Co., 

63 " iEtna Fire Insurance Co., 

100 " Plimpton Manufacturing" Co 

100 " iEtna Fire Insurance Co., 

79 " Travelers 1 Insurance Co., 

100 " Hartford Carpet Co., . 

25 " United States Bank, 

124 " JEtna Fire Insurance Co., 

807 " Willimantic Linen Co., 

2,058 " Willimantic Linen Co., 

45 " Adams Express Co., 

275 " Farmington River Power Co 

10 " Travelers 1 Insurance Co., 

16 " iEtna Fire Insurance Co , 

10 " Phoenix Fire Insurance Co 

40 " Travelers 1 Insurance Co., 

400 " Willimantic Linen Co., 

50 " Hartford Carpet Co., . 

169 " iEtna Fire Insurance Co., 

150 " United States Bank, 

654 " Kellogg & Bulkeley Co., 

50 " United States Bank, 

63 " Travelers 1 Insurance Co., 

1,800 " Willimantic Linen Co., 

12 " Hartford Electric Light Co., 

50 " Hartford Steam Boiler Ins. Co., 

Bond and Mortgage, 

233 " Willimantic Linen Co., 

1,300 " Wheeler & Wilson M'f 'g Co 

281 " Willimantic Linen Co., 

Bond and Mortgage, 

13 " iEtna Fire Insurance Co., 
Arizona Improvement Co. bonds, 

Bond and Mortgage, 

2 shares Conn. River Railroad Co., 

10 " Russell & Erwin MTg Co., 

2 " Collins Company, . 

20 " JEtna Fire Insurance Co., 

100 " Chic, Rock Island & Pacific R R., 

100 ' " Chic, Burlington & Quincy R R., 

12 " N. Y., N. H. & Hartford R R., . 



Market Value. 

$50,000 00 

14,040 00 

5,400 00 

8,750 00 

7,500 00 

17,010 00 

12,500 00 

27,000 00 

18,565 00 

7,000 00 

8,750 00 

33,480 00 

14,526 00 

37,044 00 

6,750 00 

8,250 00 

2,350 00 

4,320 00 

1,800 00 

9,400 00 

7,200 00 

3,500 00 

45,630 00 

52,500 00 

22,890 00 

17,500 00 

14,805 00 

32,400 00 

1,200 00 

5,500 00 

8,000 00 

4,194 00 

23,400 00 

5,058 00 

3,000 00 

3,510 00 

54,000 00 

30,000 00 

500 00 

750 00 

200 00 

5,400 00 

6,700 00 

7,200 00 

2,160 00 



Loaned Thereon. 

$22,000 00 

y 24,000 00 

j 

5,000 00 

I 17,000 00 

] 

[ 60,700 00 

J 

i 40,000 00 

1,400 00 

I 10,800 00 

1 

I 105,363 31 



3,202 23 
4,500 00 

j> 42,954 94 



3,800 00 

31,436 31 

2,000 00 
30,000 00 

1,100 00 

4,200 00 

11,515 86 

1,700 00 



$651,632 00 $422,672 65 



uETNA LIFE INSURANCE COMPANY. 



53 



Schedule B. 

Stocks and Bonds owned by the 

235 shares Connecticut River Banking Co., . 
75 " Metropolitan Bank (New York), 
918 " Phoenix National Bank (Hart.), • 
400 " Mercantile Natl Bank (Hart:), . 
448 " City National Bank (Hartford), . 
750 " Hartford National Bank (Hart.), 
773 " First National Bank (Hartford), . 

1,552 " Natl Exchange Bank (Hart.), . 

1,632 " American Natl Bank (Hartford), 
377 " Farm. & Mech. N'l Bank (Hart.), 
66 " Suffield National Bank (Suffield), 
250 " New Britain Natl B'k (N. Brit.), 
836 " Charter Oak Natl Bank (Hart.), 
775 " iEtna National Bank (Hartford), 
240 " Hartford Trust Co. (Hartford), . 
92 " United States Bank (Hartford), . 
200 " Rockville Natl Bank (Rockville), 
100 " Security Company (Hartford), . 
150 " Home National Bank (Meriden), 
140 " Central Natl Bank (Peoria, 111.), 

United States bonds, 
368 shares Connecticut River R.R., 
84 " iEtna Fire Insurance, . 

2,842 " N. Y., N. H. & Hartford R.R., 

Columbus & Indianapolis R.R. bonds, 

Union Pacific R.R. bonds, 

121 shares Keokuk & Des Moines R.R., 

Atlantic Dock bonds, 

Chicago, Milwaukee & St. Paul R.R. bonds, 

Vermont Valley R.R. bonds, . 

410 shares Chicago, Burl. & Quincy R.R 

220 " N. Y. Central & Hudson River R.R 

200 " Union Pacific R.R , . 

Terre Haute & Logansport R.R. bonds, 

Hartford & New York Transportation Co., 

250 shares Connecticut & Passumpsic R R., 

Chicago, Burlington & Quincy R R. bonds, 

100 shares Chic, Milwaukee & St. Paul R.R., 

100 " C, R. I. & P. R.R., . 

100 " Chicago & Northwestern R R 

116 " Del. & Hudson Canal Co., 

N. Y., N. H. & H. R.R. debentures, . 

Middlesex Banking Co. debentures, 

Terre Haute & Peoria bonds, . 

N. Y. & N. E. R.R. bonds, 



Company. 

Cost Value. 

$20,365 00 

5,212 50 

124,285 50 

42,885 25 

60,900 75 

107,720 25 

95,460 66 

93,729 80 

95,022 87 

83,664 25 

8,375 00 

28,450 00 

97,572 25 

90,586 96 

25,065 00 

19,962 50 

20,000 00 

10,000 00 

18,375 00 

15,400 00 

1,023,145 28 

39,372 25 

19,236 68 

423,054 00 

45,000 00 

30,690 00 

22,033 20 

25,000 00 

25,000 00 

150,750 00 

33,862 50 

27,000 00 

18,625 00 

100,000 00 

12,000 00 

25,250 00 

1,100 00 

10,250 00 

5,475 00 

9,000 00 

11,987 50 

631,288 75 

100 00 

25,375 00 

200,000 00 



Market Value. 

$10,575 00 
225 00 

114,750 00 
36,000 00 
47,040 00 

112,500 00 
88,895 00 

100,880 00 

114,240 00 

43,355 00 

9,900 00 

41,250 00 

79,420 00 

116,250 00 
36,000 00 
32,200 00 
22,000 00 
12,500 00 
19,500 00 
15,400 00 
1,059,200 00 
92,000 00 
22,680 00 

511,560 00 
51,000 00 
30,000 00 
17,220 00 
26,500 00 
29,250 00 

159,000 00 

29,725 00 

20,900 00 

1,200 00 

100,000 00 
12,000 00 
25,500 00 
1,100 00 
13,000 00 
6,700 00 
10,300 00 
13,108 00 

690,000 00 

100 00 

25,000 00 

235,100 00 



54 



^ETNA LIFE INSURANCE COMPANY. 



Conn. River R.R. bonds, . 
City of Brantford bonds, . 
Province of Manitoba bonds, 
Virginia State bonds, 
Tennessee State bonds, 
Mobile city, 
Hartford city bonds, . 
Louisville (Ky.) city bonds, 
New Britain (Conn.) city bonds, 
Plattsniouth (Neb.) city bonds, 
London (Out.) city bonds, 
New Boston city bonds, 
Jersey City city bonds, 
Ottawa city bonds, . 
Quincy city bonds, . 
Milwaukee city bonds, 
Cincinnati city bonds, 
St. Paul (Minn.) city bonds, 
St. Paul (Neb.) city bonds, 
Webster city bonds, . 
Hull city bonds, 
Oxford city bonds, 
Lincoln city bonds, . 
Emporia city bonds, . 
Hartland city bonds, . 
Wyraore city bonds, . 
Audubon city bonds, . 
Ness City city bonds, 
Russell city bonds, . 
Montreal harbor city bonds, 
Lincoln city bonds, . 
Coleman county (Texas) bonds, 
Quebec city bonds, . 
Stratford city bonds, . 
Toronto city bonds, . 
Winfield city bonds, . 
Kendall ville city bonds, 
Wichita city bonds, *. 
Quebec government bonds, 
Cimarron city bonds, 
David city bonds, 
Ellsworth city bonds, 
Superior city bonds, „ 
Seneca city bonds, 
Pratt city bonds, 
Burrton city bonds, . 
Lyons city bonds, 
Canton city bonds, 



Cost Value. 

$18,400 00 
97,500 00 

149,893 34 
23,357 94 
25,100 00 

140,500 00 

156,690 00 
89,750 00 

130,689 00 

23,000 00 

75,000 00 

4,000 00 

62,900 00 

133,000 00 
11,564 00 
36,500 00 

100,000 00 

52,350 00 

20,000 00 

13,000 00 

40,000 00 

9,800 00 

29,500 00 

14,500 00 

10,000 00 

5,000 00 

5,000 00 

11,875 00 

5,000 00 

60,000 00 

11,880 00 

6,000 00 

40,000 00 

21,000 00 

498,317 00 
10,000 00 
13,000 00 
46,000 00 

207,500 00 

10,000 00 

6,300 00 

37,260 00 

13,000 00 

9,500 00 

12,900 00 

12,880 00 

32,200 00 

6,405 00 



Market Value. 

118,400 00 

102,000 00 

163,240 00 

18,354 00 

20,080 00 

140,500 00 

157,000 00 

122,000 00 

149,500 00 

23,460 00 

76,500 00 

4,000 00 

73,500 00 

140,980 00 

24,000 00 

42,900 00 

123,000 00 

66,000 00 

20,000 00 

13,650 00 

41,200 00 

10,000 00 

30,975 00 

14,500 00 

8,000 00 

5,000 00 

5,000 00 

12,500 00 

5,000 00 

63,600 00 

12,000 00 

6,000 00 

41,500 00 

22,050 00 

527,310 00 

10,000 00 

13,000 00 

50,000 00 

224,100 00 

5,000 00 

7,000 00 

36,450 00 

13,000 00 

10,000 00 

12,000 00 

14,000 00 

31,500 00 

7,000 00 



.ETNA LIFE INSURANCE COMPANY. 



55 



Norton city bonds, . 
Kingman city bonds, 
South Hutchinson city bonds, 
Loup City city bonds, 
Conwa}^ Springs city bonds, 
Douglass city bonds, . 
Coolidge city bonds, 
Johnson city bonds, . 
Englewood city bonds, 
Seward city bonds, . 
Governor's Foot Guard bonds, 
City of Alma bonds, . 
City of Orleans bonds, 
City of Hastings bonds, . 
Ford county bonds, . 
Macoupin county bonds, . 
Mason & Tazewell county bonds, 
Gallatin county bonds, 
Edward county bonds, 
Ellsworth county bonds, . 
Lyon county bonds, . 
Pawnee county bonds, 
Harper county bonds, 
Stafford county bonds, 
Hunt Drainage District bonds, 
Ulysses city bonds, . 
Seward county bonds, 
Clay county bonds, . 
Paris town bonds, 
Hartford town bonds, 
Grant town bonds, 
Urbana to*wn bonds, . 
Meade county bonds, 
Gray county bonds, . 
Nickerson city bonds, 
Lakin township bonds, 
Ironwood city bonds, 
Meade Center township bonds, 
Jackson town bonds, 
Coaticook town bonds, 
Lake Fork town bonds, 
Montrose county bonds, . 
Huntington county bonds, 
Las Animas county bonds, 
Goodland city bonds, 
Pawnee city bonds, . 
Greenfield city bonds, 
Dalles city bonds, 



Cost Value. 

$16,400 00 

8,000 00 

3,500 00 

6,000 00 

13,000 00 

11,000 00 

10,000 00 

8,500 00 

4,200 00 

13,500 00 

10,000 00 

8,122 50 

8,500 00 

54,000 00 

48,500 00 

78,800 00 

26,500 00 

2,156 28 

20,000 00 

26,000 00 

35,000 00 

25,000 00 

11,500 00 

5,000 00 

24,250 00 

9,500 00 

47,000 00 

24,125 00 

3,000 00 

71,600 00 

10,000 00 

3,500 00 

23,000 00 

7,500 00 

10,000 00 

10,000 00 

15,000 00 

15,000 00 

9,900 00 

21,000 00 

15,000 00 

6,000 00 

1,500 00 

29,300 00 

9,000 00 

4,000 00 

891 90 

42,500 00 



Market Value. 

$17,000 00 

8,000 00 

3,500 00 

6,000 00 

13,000 00 

9,900 00 

5,000 00 

8,500 00 

4,000 00 

15,000 00 

10,500 00 

9,000 00 

8,500 00 

60,000 00 

50,000 00 

82,740 00 

27,825 00 

2,156 28 

20,000 00 

26,000 00 

14,000 00 

25,000 00 

10,350 00 

5,000 00 

25,000 00 

5,000 00 

37,600 00 

25,000 00 

3,000 00 

79,000 00 

10,500 00 

3,500 00 

18,400 00 

6,000 00 

10,000 00 

5,000 00 

15,750 00 

11,250 00 

10,000 00 

21,000 00 

15,000 00 

6,300 00 

1,500 00 

30,765 00 

9,000 00 

4,000 00 

891 90 

46,750 00 



56 



JETNA LIFE INSURANCE COMPANY. 



Anthony city bonds, . 
Harper city bonds, . 
Beatrice city bonds, . 
Goldendale city bonds, 
Tipton city bonds, 
Keithsburg town bonds, 
Ross town bonds, 
Levis town bonds, 
Highland town bonds, 
Rock Creek town bonds, 
Sprague town bonds, 
Province of Quebec bonds 
Mt. Forest town bonds, 
Pleasant town bonds, 
Hager Slough town bonds 
Creek town bonds, . 
Reeder town bonds, . 
Jefferson town bonds, 
Great Bend town bonds, 
Butler town bonds, . 
Coldwater town bonds, 
Laniard town bonds,. 
Wild Cat town bonds, 
Pond du Lac town bonds, 
Neodesha town bonds, 
Baxter Springs town bonds, 
Monroe township bonds, 
Morton township bonds, 
Henderson town bonds, 
Lockridge town bonds, 
Stranger town bonds, 
Washington town bonds, 
Rolling Prairie town bonds, 
Hnyes town bonds, . 
McFadden town bonds, 
Leroy town bonds, . 
Tonganoxie town bonds, 
Eagle township bonds, 
Valley Center township bonds 
Richland township bonds, 
Little River township bonds, 
Victoria township bonds, . 
Liberty township bonds, . 
Burrton township bonds, . 
Green Garden township bonds, 
Phillipsburg township bonds, 
Plum township bonds, 



Cost Value. 

$19,000 00 

19,000 00 

10,000 00 

12,500 00 

4,580 00 

15,000 00 

12,768 00 

26,000 00 

10,000 00 

28,710 00 

40,133 33 

153,187 50 

20,000 00 

35,000 00 

3,000 00 

2,000 00 

15,840 00 

0,000 00 

6,000 00 

1,000 00 

10,000 00 

1,000 00 

• 500 00 

15,000 00 

12,000 00 

20,500 00 

38,610 00 

8,550 00 

4,750 00 

7,600 00 

9,600 00 

45,700 00 

18,000 00 

17,575 00 

9,500 00 

7,600 00 

19,200 00 

13,800 00 

9,200 00 

12,040 00 

21,160 00 

20,240 00 

7,600 00 

23,920 00 

13,800 00 

9,150 00 

12,900 00 



Market Value. 

$20,000 00 

20,000 00 

10,000 00 

12,500 00 

4,580 00 

15,750 00 

12,768 00 

26,000 00 

10,000 00 

29,000 00 

42,000 00 

162,180 00 

20,600 00 

3,500 00 

3,000 00 

2,000 00 

16,000 00 

6,000 00 

6,000 00 

1,000 00 

8,000 00 

1,050 00 

500 00 

15,750 00 

12,000 00 

20,500 00 

40,950 00 

9,000 00 

5,000 00 

8,000 00 

10,000 00 

50,000 00 

18,000 00 

19,000 00 

10,000 00 

8,000 00 

20,000 00 

15,000 00 

10,000 00 

14,000 00 

23,000 00 

22,000 00 

8,000 00 

26,000 00 

15,000 00 

10,000 00 

15,000 00 



iETNA LIFE INSURANCE COMPANY. 



57 



Center township bonds, . 
Jefferson township bonds, 
Lake township bonds, 
Richland township bonds, 
Lincoln township bonds, . 
Elk Creek township bonds, 
Limestone township bonds, 
Ezbon township bonds, . 
Groveland township bonds, 
Banner township bonds, . 
Harrison township bonds, 
Valparaiso township bonds, 
Haynesville township bonds, 
Turkey Creek township bonds, 
May township bonds, 
Pleasant Valley township bonds, 
Antelope township bonds, 
Little Blue township bonds, 
Alma township bonds, 
Township G bonds, . 
Franklin township bonds, 
Township M bonds, . 
Township L bonds, . 
Township B bonds, . 
Brown township bonds, . 
New York township bonds, 
Baker township bonds, 
Henderson township bonds, 
Thayer township bonds, . 
Stewart township bonds, . 
Union township bonds, 
Bone Creek township bonds, 
Read township bonds, 
Olive township bonds, 
Oak Creek township bonds, 
Stromburg Village bonds, 
Village of Ord bonds, 
Bowen precinct bonds, 
Victor precinct bonds, 
Fairmount precinct bonds, 
Lincoln precinct bonds, . 
Center precinct bonds, 
Twin Grove precinct bonds, 
Madison precinct bonds, . 
Harvard precinct bonds, . 
Nova precinct bonds, 
Geneva precinct bonds, 



Cost Value. 

$41,860 00 
7,600 00 
17,480 00 
12,352 50 
13,800 00 
7,600 00 
13,725 00 
8,600 00 
13,760 00 
24,685 00 
18,000 00 
5,500 00 
17,100 00 
2,707 50 
4,061 25 
3,900 00 
4,512 50 
2,707 50 
5,866 25 
9,000 00 
6,300 00 
9,000 00 
4,500 00 
9,000 00 
5,400 00 
9,000 00 
9,000 00 
4,500 00 
4,500 00 
9,000 00 
5,400 00 
9,000 00 
9,000 00 
5,400 00 
5,400 00 
12,000 00 
4,000 00 
10,000 00 
15,000 00 
27,075 00 
2,800 00 
6,300 00 
9,000 00 
4,500 00 
16,500 00 
3,840 00 
13,500 00 



Market Value. 

$45,000 00 
8,000 00 
19,000 00 
13,500 00 
15,000 00 
8,000 00 
15,000 00 
10,000 00 
16,000 00 
27,500 00 
20,000 00 
5,500 00 
19,000 00 
3,000 00 
4,500 00 
3,900 00 
- 5,000 00 
3,000 00 
6,500 00 
10,000 00 
7,000 00 
10,000 00 
5,000 00 
10,000 00 
6,000 00 
10,000 00 
10,000 00 
5,000 00 
5,000 00 
10,000 00 
6,000 00 
10,000 00 
10,000 00 
6,000 00 
6,000 00 
12,000 00 
4,000 00 
10,000 00 
15,000 00 
30,000 00 
3,000 00 
7,000 00 
10,000 00 
5,000 00 
19,000 00 
4,000 00 
15,000 00 



58 



.ETNA LIFE INSURANCE COMPANY. 



Exeter precinct bonds, . . . . , 

Ainsworth precinct bonds, 

Coolidge Bridge town bonds, . 

School District, Kansas, bonds, 

School District, Nebraska, bonds, 

School District, Kansas, bonds, 

School District, Nebraska, bonds, 

School District, Kansas, bonds, 

Spring Creek precinct school bonds 

Cedar Rapids school bonds, 

Ida Grove school bonds, . . . 

Glad Brook school bonds, 

South Bend school bonds, 

Batavia school bonds, 

Van Horn school bonds, . 

School District, Nebraska, bonds, 

Panora school bonds, 

School District, Kansas, bonds, 

Lebanon school bonds, 

Inlet Swamp drainage bonds, . 

City of Victoria bonds, 

City of Ossawatomie bonds, 

Hamilton county bonds, . 

City of Downs bonds, 

Beaver precinct bonds, 

Lincoln township bonds, . 

Jefferson precinct bonds, . 

City of Santa Fe bonds, . 

Fargo township bonds, 

Stanton county bonds, 

Haskell county bonds, 

Lane county bonds, . 

Vancouver city bonds, 

St. Hyacinthe city bonds, . 

Enterprise city bonds, 

Three Rivers city bonds, . 

Sault Ste. Marie city bonds, 

Springfield city bonds, 

Lincoln precinct bonds, . 

Anthony township bonds, 

Spring township bonds, , 

Grant township bonds, 

Sheridan township bonds, 

Ford township bonds, 

Valley township bonds, . 

Newman township drainage bonds, . 

Young America township drainage bonds, 

Iroquois county drainage bonds, 



Cost Value. 

$18,000 00 

8,000 00 

8,400 00 

8,500 00 

6,000 00 

20,875 72 

14,900 00 

1,500 00 

5,760 00 

14,000 00 

15,500 00 

1,500 00 

1,000 00 

10,000 00 

500 00 

6,000 00 

500 00 

3,000 00 

17,000 00 

7,200 00 

80,000 00 

20,000 00 

40,000 00 

29,100 00 

14,000 00 

4,300 00 

2,800 00 

4,500 00 

15,000 00 

11,700 00 

10,000 00 

33,000 00 

225,000 00 

30,000 00 

10,000 00 

32,500 00 

20,000 00 

16,000 00 

6,720 00 

2,850 00 

12,350 00 

12,255 00 

920 00 

14,700 00 

2,375 00 

3,500 00 

28,500 00 

4,000 00 



Market Value. 

$20,000 00 

8,000 00 

4,000 00 

8,500 00 

6,000 00 

20,875 72 

14,900 00 

1,500 00 

6,000 00 

14,700 00 

15,500 00 

1,500 00 

1,000 00 

10,000 00 

500 00 

6,000 00 

500 00 

3,000 00 

17,850 00 

7,560 00 

84,000 00 

20,000 00 

20,000 00 

30,000 00 

14,000 00 

5,000 00 

3,000 00 

4,500 00 

12,000 00 

9,600 00 

8,000 00 

26,400 00 

243,000 00 

30,000 00 

10,000 00 

34,125 00 

21,200 00 

8,000 00 

7,000 00 

3,000 00 

13,000 00 

12,900 00 

920 00 

15,000 00 

2,500 00 

3,675 00 

29,925 00 

4,200 00 



^ETNA LIFE INSURANCE COMPANY. 



59 



Indian Grave drainage bonds, . 

Nelson precinct drainage bonds, 

Nichols precinct drainage bonds, 

North St. Paul village drainage bonds, 

Atkinson village drainage bonds, 

Valentine village drainage bonds, . 

Parkdale Town village drainage bonds, 

City of St. Thomas drainage bonds, 

Town of Windsor, Ontario, bonds, . 

City of Kingston, Ontario, bonds, . 

City of Bellville, Ontario, bonds, . 

Superior city bonds, .... 

Young America township drainage bond 

New Pankey Pond drainage bonds, . 

Brocton drainage bonds, . 

Cote Sainte Antoine bonds, 

Town of Gault bonds, . 

Province of New Brunswick bonds, 

City of St. John, N. B., bonds, 

City of Hamilton, Prov. of Ont., bonds, 

City of Halifax bonds, 

City of Sherbrooke, Prov. of Que., bonds, 

Roman Catholic School, Montreal, bonds, 

Protestant School, Montreal, bonds, 

Dickens County bonds, 

Wichita County bonds, 

Lewis County bonds, 

Snohomish County bonds, 

Tarrant County bonds, 

Orange County bonds, 

Duval County bonds, 

Coke County bonds, . 

Roanoke city bonds, . 

Shellsburg school bond, 

Prince Edward Island bonds, 

Town of Glastonbury bonds, 

Wapello County bonds, 

Warren County bonds, 

Cass County bonds, . 

Grant County bonds, 

Clark County bonds, 

Jackson County bonds, 

Birmingham city bonds, 

Stuart city bonds, 

Big Lake drainage bonds, 

Mason & Menard drainage bonds, 

Protestant Hospital for Insane bonds, 

Ainsworth precinct bonds, 



Cost Value. 

$34,369 39 

22,000 00 

7,000 00 

22,000 00 

7,000 00 

8,400 00 

74,847 74 

117,155 38 

99,533 03 

51,163 99 

50,000 00 

25,000 00 

9,280 00 

2,500 00 

7,000 00 

98,250 00 

49,125 00 

66,000 00 

49,375 00 

38,402 20 

100,000 00 

72,750 00 

85,000 00 

200,687 60 

20,000 00 

4,000 00 

25,750 00 

25,000 00 

50,210 00 

4,750 00 

4,100 00 

6,500 00 

10,500 00 

2,200 00 

97,250 00 

8,000 00 

9,400 00 

34,800 00 

4,000 00 

24,000 00 

7,000 00 

10,000 00 

25,000 00 

3,500 00 

41,000 00 

10,000 00 

74,000 00 

10,550 00 



Market Value. 

$27,750 31 

22,000 00 

7,000 00 

23,100 00 

7,000 00 

8,400 00 

74,847 74 

119,498 48 

104,509 68 

52,698 90 

51,500 00 

25,000 00 

9,744 00 

2,625 00 

7,350 00 

105,000 00 

52,500 00 

69,300 00 

51,000 00 

39,673 05 

105,000 00 

76,500 00 

87,550 00 

213,150 00 

21,000 00 

3,600 00 

26,250 00 

26,250 00 

52,500 00 

4,987 50 

4,305 00 

6,825 00 

10,000 00 

2,200 00 

103,000 00 

8,000 00 

10,000 00 

36,540 00 

4,000 00 

25,200 00 

7,210 00 

10,500 00 

25,000 00 

3,500 00 

43,050 00 

10,500 00 

76,220 00 

10,000 00 



60 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 



Arizona Territory bonds, . >. 

Karnes County, Texas, bonds, . 
Bexar County, Texas, bonds, . 
Fort Bend, Texas, bonds, . 
Hamilton County, Texas, bonds, 
Young County, Texas, bonds, . 
Peoria County, 111 , bonds, 
Hartford, W. Va , city bonds, . 
Province of Quebec bonds, 
Yan Zant Co., Texas, bonds, . 
Peoria, 111., city bonds, 
Springfield R.R. bonds, . 
Hartford Street R.R. bonds, 
Arizona Improvement Co. bonds, . 
Riverside Water Co. bonds, 
Beaver Pond drainage bonds, . 
Worcester & Suburban St. R.R. bonds, 
West Toronto, Can., town bonds, 
Rockville, Conn., city bonds, . 
Nebraska & N. W. Irrigation Co. bonds, 
Middletown & Portland Bridge Co. bond 
Hartford County bonds, . 
Conn. River bridge and highway bonds, 
Hartford city, auditor's orders, 
Peoria school scrip, .... 



s, 



Cost Value. 

$130,000 00 

20,000 00 

50,000 00 

20,000 00 

12,000 00 

28,000 00 

13,500 00 

2,000 00 

94,899 67 

13,000 00 

209,400 00 

100,000 00 

130,000 00 

19,000 00 

225,000 00 

10,000 00 

25,000 00 

107,000 00 

50,000 00 

40,000 00 

15,000 00 

151,000 00 

21,106 72 

31,386 88 

5,000 00 



Market Value. 

$136,500 00 
20,600 00 
51,500 00 
20,600 00 
12,600 00 
29,400 00 
14,175 00 
2,000 00 

105,000 00 
13,390 00 

219,870 00 

105,000 00 

133,250 00 
20,000 00 

237,500 00 
10,500 00 
25,750 00 

107,000 00 
52,500 00 
29,680 00 
15,300 00 

151,000 00 

21,106 72 

34,386 88 

5,000 00 



$12,872,180 31 $13,446,752 16 



"CONNECTICUT GENERAL LIFE INSURANCE COMPANY;' 

HARTFORD, CONN. 

[Incorporated June, 1865. Commenced business October, 1865 ] 
Paid-up Capital, $150,000. 

Thomas W. Russell, President. Fred. V. Hudson, Secretary. 



Income. 

Received for premiums on new policies, .... 
Received for renewal premiums, ..... 
Dividends applied to pay running premiums, . 
Surrender values applied to pay running premiums, 
Surrender values applied to purchase paid-up insurance, 

Total, 

Deduct amount paid for reinsurance, .... 



$44,061 85 

326,693 68 

7,323 97 

364 25 

14,049 00 

$392,492 75 
7,077 78 



Total premium income, 



$385,414 97 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 



61 



Received for interest, .... 
Received for rents of company's property, 
Profit on securities sold, . . . 
Profit and loss account, 



$136,419 26 

6,326 66 

199 40 

7 75 



Total income, . $528,368 04 

Net or ledger assets Dec. 31, 1895, 2,756,438 68 



Total, $3,284,806 72 



Disbursements. 

Paid for losses, 

Paid for matured endowments, .... 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 

Net amount paid for losses and endowments, . 

Paid to annuitants, 

Premium notes or loans voided by lapse, 

Premium notes or loans used in purchase of surrendered 
policies, 

Cash dividends paid policy holders, .... 

Cash dividends applied to pay running premiums, . 

Surrender values paid in cash, ...... 

applied to pay running premiums, 
applied to purchase paid-up insurance, 

Total paid policy holders, 

Cash paid for dividends to stockholders, .... 

for commissions to agents (new policies, $19,241.68 
renewals, $16,131.34), . . ■ . 

for salaries and allowances to managers and agents 

for medical examiner's fees, .... 

for salaries of officers and home office employees, 

for taxes on premiums, ...... 

for taxes on investments, $2,885.57 ; on reserves, 
$778.25, 

for taxes on real estate, . 

for fees, licenses, etc., 

for advertising, printing, postage, etc , 

for legal expenses, .... 

for real estate expenses (except taxes), 

for loss on sales of property, . 
Profit and loss account, 

Total disbursements, 

Balance, 




$138,527 50 
58,258 63 

$196,786 13 
10,000 00 

$186,786 13 

75 12 

1,422 46 

1,827 91 
64,493 93 

7,323 97 

32,193 93 

364 25 

14,049 00 

$308,536 70 
12,000 00 

35,373 02 
14,123 21 

3,603 00 
22,039 35 

2,077 29 

3,663 82 

4,734 40 

745 53 

14,701 07 

1,068 65 

2,733 10 

4,351 47 

156 35 



$429,906 96 
,854,899 76 



62 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 



Invested in the following : — 

Assets as per Ledger Accounts 



Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Bills receivable, 

Agents' debit balances, 



Total, . 
Deduct agents' credit balances, 

Total net or ledger assets, as per balance, 

Other Assets. 

Interest due and accrued, 

Market value of stocks and bonds, over cost, . 



$364,653 77 

1,823,521 49 

1,410 09 

116,948 10 

48,800 32 

451,897 78 

631 85 

45,033 14 

705 00 

1,352 50 

$2,854,954 04 
54 28 

$2,854,899 76 



55,680 44 
16,276 22 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, ; 

Total, . . 
Deduct loading (20 per cent.), . 

Net amoant of uncollected and 
deferred premiums, 



New Business. 

$4,837 03 

9,381 43 

$14,218 46 
2,843 69 



Renewals. 

,412 49 

55,298 13 

$65,710 62 
13,142 12 



,374 77 $52,568 50 



Total assets, per company's books, . 

Items not admitted and Depreciation. 

Agents' debit balances, ... . . $1,35250 

Bills receivable, . . 
Depreciation from cost of real estate, 
Total, . . ... 



63,943 27 
$2,990,799 69 



705 00 
51,399 37 



Total admitted assets, 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), .... 
Deduct net value of reinsured risks, . 

Net reserve, , . . . ... 



53,456 87 
1,937,342 82 



$2,399,722 00 
35,805 00 

$2,363,917 00 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 



63 



Matured endowments due and unpaid, 
Death losses in process of adjustment, 
Claims resisted by the company, 

Total policy claims, . 
Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, 
Contingent surrender values, . 

Liabilities as to policy holders, 
Surplus as regards policy holders, 
Paid-up capital, 
Surplus over capital, 



Gross liabilities, 



$12,559 98 

14,630 00 

6,000 00 



$529,844 57 



$33,189 98 

3,860 09 

1,255 21 

5,275 97 

1,407,498 25 

150,000 00 
379,844 57 

2,937,342 82 



Premium Note Account. 

Premium notes on hand Dec. 31, 1895, 
Premium notes rec'd during 1896 (old policies) 

Total, 

Used in purchase of surrendered policies, 
Voided by lapse, ..... 
Used in payment of dividends to policy holders 
Redeemed by maker in cash, . 

Total, , 



957 21 

7,941 45 

^1,827 91 

1,422 46 

648 59 

5,199 38 



7,898 66 



9,098 34 



Balance note assets Dec. 31, 1896, 

Exhibit of Policies. 



$48,800 32 



Whole life, 
Endowment, 
All other, . 



Whole life, 
Endowment, 
All other, . 



Whole life, 
Endowment, 



Whole life, 
Endowment, 



Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

. 4,506 $6,516,997 00 
. 4,253 5,007,180 00 
24 78,109 00 
— 8,783 $11,602,286 00 

Policies issued during the Year. 

667 11,002,060 00 

491 596,238 00 

. . . 10 30,000 00 



1,168 1,628,298 00 



Old Policies revived. 

7 $7,526 00 

12 17,500 00 



19 



25,026 00 



Old Policies increased. 

9 $16,500 00 

, 8 9,200 00 



17 



25,700 00 



Total, 9,987 $13,281,310 00 



64 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 



Policies terminated during the Year. 







Number. " 


Amount. Total Xo. 


Total Amount. 


Whole life, 


. 


648 


$957,270 00 




Endowment, 


. . 


456 


557,822 00 




All other, . 


t • 


3 


6,234 00 






1,107 


$1,521,326 00 








How terminated. 




By death, . 


. . 


79 


$138,915 00 




maturity, 


. 


163 


205,973 00 




surrender, . 


, . 


213 


297,609 00 




lapse, . 


. 


432 


579,010 00 




change and deer 


ease, . 


17 


44,819 00 




Not taken, . 


• 


203 


255,000 00 

1 107 


$1,521,326 00 






J.,i.VI 




Policies in Force Dec. 31, IS 96. 




Whole life, 


. , 


4,541 


$6,585,813 00 




Endowment, 


t . 


4,308 


5,072,296 00 




All other, . 


• 


31 


101,875 00 

8,880 


11,759,984 00 



Schedule A. 
Securities held as Collateral. 

Market Value. 

Mortgage loan, $500 00 

1 share Mudge Shoe Company, . . . 100 00 

5 shares Pullman's Palace Car Co., . . . 760 00 

5 shares Del. & Hudson Canal Co , . . . 585 00 



$1,945 00 



Loaned Thereon. 

$325 00 
85 09 

1,000 00 



.,410 09 



Schedule B. 
Stocks and Bonds owned by the 

233 shares New York, New Haven & H. R.R., 

100 

40 
216 
104 

52 

70 
100 

20 

12 

24 



N. W. Telegraph Company, . 
Fourth National Bank, N. Y., . 
American Natl Bank, Hartford, 
Phoenix National Bank, Hartford, . 
Charter Oak Nat'l Bank, Hartford, 
Hartford National Bank, Hartford, 
First National Bank, Hartford, 
iEtna Kational Bank, Hartford, 
Farm and Mech. Nl B'k, Hartford, 
City National Bank, Hartford, 



Company. 

Cost Value. 

$27,593 03 

5,200 00 

4,193 00 

13,538 00 

15,853 00 

6,700 00 

10,625 00 

13,978 25 

2,373 50 

2,250 67 

2,790 00 



Market Value. 

$41,474 00 

5,500 00 

7,400 00 

15,120 00 

12,480 00 

4,940 00 

9,800 00 

11,200 00 

2,900 00 

1,344 00 

2,400 00 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 



65 



50 shares Thames National Bank, Norwich, 

86 " Conn. Trust and Safe Deposit Co., 

50 " Security Company, . 

75 " Cleveland Term 1 ! & Valley K.R., 
Evansville Ind., city bonds, 
Indianapolis, Ind., city bonds, . 
Cleburne, Tex., city bonds, 
Oak Cliff, Tex., city bonds, 
San Antonio, Tex., city bonds, . 
Weatherford, Tex., city bonds, 
Fort Worth, Tex., city bonds, . 
Gainesville, Tex., city bonds, . 
Greenville, Tex., city bonds, 
Superior, Wis , bonds, 
Fremont, Neb., bonds, 
Norwich, Kan., bonds, 
Huron, So. Dakota, warrant, . 
Mechlenburg County, N. C, bonds, 
Henderson County, N. C, bonds, 
Clallam County, Wash., bonds, 
Colbert County, Ala., bonds, 
Pekin and La Marsh, Peoria County, bonds, 
Lyon County, la., bonds, . 
Cowley County, Kan., bonds, . 
Pawnee County, Kan., bonds, . 
Mason and Tazewell, 111 , bonds, 
Wildcat, Champaign County, 111., bonds, . 
Lima Lake, Adams County, 111., bonds, . 
Indian Grave, Adams County, 111., bonds, 
Clay County, Minn., bonds, 
Big Lake, Jackson Co., 111., bonds, . 
Skagit County, Wash., funding bonds, 
Arizona Territorial funding bonds, . 
Clay School Township, Ind., bonds, 
Oxford School Township, Kan., bonds, . 
Todd County, Minn., school district bonds, 
Anderson, Ind., Electric Street R'y bonds, 
Denver Union Water Company bonds, 
Southwestern Irrigation Company bonds, 
Arizona Canal Companj 7 bonds, 
Arizona Improvement Company bonds, . 
Garden City Irrigation Companj 7 bonds, . 
Lake Shore & Michigan Southern R.R. bonds 
Terre Haute & Logansport R R. bonds, . 
Cleveland Term'l & Valley R R. bonds, . 
N. Y., New Haven & Hartfd R.R. certificate, 



Cost Value. 

$6,850 00 
8,428 00 
4,750 00 
1,290 00 

16,353 95 

24,500 00 
7,070 00 
5,2. )0 00 

11,050 00 

10,200 00 
4,950 00 
5,150 00 
5,175 00 
9,800 00 
4,060 00 
2,625 00 
1,500 00 

10,610 00 

10,900 00 
5,000 00 
5,362 50 
5,075 00 
5,000 00 

10,250 00 
5,000 00 
5,346 50 

15,375 00 

13,000 00 
5,044 00 

11,375 00 
9,270 00 
5,350 00 

15,000 00 

500 00 

5,000 00 

1,600 00 

5,000 00 

14,000 00 
5,000 00 

10,000 00 
4,750 00 
5,500 00 
5,089 38 

10,000 00 
5,000 00 
9,454 00 



Market Value. 

$7,250 00 

14,190 00 

6,000 00 

750 00 

17,000 00 

25,000 00 
7,560 00 
5,300 00 

11,000 00 

10,400 00 
5,000 00 
5,350 00 
5,300 00 

10,000 CO 
4,000 00 
2,950 00 
1,200 00 

11,200 00 

10,800 00 
5,250 00 
5,350 00 
5,100 00 
2,500 00 

10,000 00 
5,300 00 
5,200 00 

15,300 00 

13,650 00 
5,200 00 

11,900 00 
9,270 00 
5,250 00 

15,300 00 

500 00 

5,300 00 

1,632 00 

5,000 00 

13,500 00 
2,500 00 

10,000 00 
5,000 00 
3,000 00 
5,830 00 

10,000 00 
3,750 00 

12,784 00 



$451,897 78 $468,174 00 



66 THE CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 



"THE CONNECTICUT MUTUAL LIFE INSURANCE COMPANY," 

HARTFORD, CONN. 

[Incorporated June 15, 1846. Commenced business Dec. 15, 1846.] 

Jacob L. Greene, President. Edward M. Bunce, Secretary. 



Income. 

Received for premiums on new policies, . 
Received for renewal premiums, .... 
Dividends applied to pay running premiums, . 
Surrender values applied to pay running premiums, 
Surrender values applied to purchase paid-up insurance and 
annuities, . . 



Total premium income, .... 

Received for interest, 

as discount on claims paid in advance, 
for rents of company's property, 

Premium notes or loans restored, 

Profit on securities sold, . 

Profit and loss account, . 



Total income, .... 
Net or ledger assets Dec. 31, 1895, . 



Total, 



1337,991 60 

3,075,386 89 

1,094,775 10 

33,568 87 

201,514 29 

$4,743,236 75 

2,881,770 20 

3,188 11 

254,446 91 

1,200 00 

65,130 18 

67 42 

$7,949,039 57 

60,764,020 64 

,713,060 21 



Disbursements. 

Paid for losses, $4,106,366 25 

Paid for matured endowments, ...... 401,652 00 

Gross amount paid for losses and endowments, . . $4,508,018 25 

Premium notes or loans voided by lapse, .... 2,808 00 

Dividends paid policy holders, . ., 179,883 52 

Dividends applied to pay running premiums, . . . 1,094,775 10 

Surrender values paid, 522,556 77 

applied to pay running premiums, . . 33,568 87 
applied to purchase paid-up insurance and 

annuities, . . . . . . . 201,514 29 

Total paid policy holders, $6,543,124 80 

Cash paid for commissions and bonuses to agents (new poli- 
cies, $91,970.08 ; renewals, $254,000.13), . . 345,970 21 
for salaries and allowances to managers and agents, 24,541 49 

for medical examiner's fees, 22,585 23 

for salaries of officers and home office employees, 145,485 41 



THE CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 67 



Cash paid for taxes on new premiums, $2,725.38; on re- 
newals, $24,528.44, 

for taxes on investments, $151,015.49 ; on reserves, 
$10,753.60, 

for taxes on real estate, 

for fees, licenses, etc., 

for rent, 

for advertising, printing and postage, . 

for legal expenses, 

for real estate expenses (except taxes), 

for incidentals, . , . 
Profit and loss account, 

Total disbursements, 



$27,253 82 

161,769 09 

138,484 25 

8,983 82 

8,239 70 

75,091 52 

21,040 75 

160,191 65 

33,570 01 

15,056 85 

$7,731,388 60 



Balance, 



,981,671 61 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 

Cash deposited in bank, 

Bills receivable, . . . . 

Agents' debit balances, 

Total net or ledger assets, as per balance, 



$8,788,184 43 

35,722,498 00 

12,300 00 

1,065,427 28 

13,995,988 97 

1,392,194 53 

4,141 86 

936 54 



,981,671 61 



Other Assets. 
Interest due and accrued, . 
Rents due and accrued, . . . 
Market value of stocks and bonds over cost, . 



Uncollected premiums on poli- 
cies in force, . 

Deferred premiums on policies 
in force, 

Total, ..... 
Deduct loading (20 per cent.), 

Net amount of uncollected and 
deferred premiums, 



New Business. 

$13,386 00 

31,595 79 

$44,981 79 
8,996 36 



Renewals. 

$73,293 02 

267,235 93 

$340,528 95 
68,105 79 



,985 43 $272,423 16 



1,078,701 64 

39,763 69 

499,278 03 



308,408 59 



Total assets, per company's books, . 



$62,907,823 56 



68 THE CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 



Items not admitted. 



Agents' debit balances, . . , 

Bills receivable, .... 

Total, 

Total admitted assets, 
Deduct special deposits in other States, 



$936 54 
4,141 86 



1,078 40 



Balance, 

Liabilities. 
Computed premium reserve or net present value of all out- 



$62,902,745 16 
100,000 00 

$62,802,745 16 



standing policies (actuaries' 4 per cent.), 
Death losses due and unpaid, .... $54,599 50 
Matured endowments due and unpaid, . . 12,925 00 

Death losses in process of adjustment, . . 75,975 00 

Claims resisted by the company, . . . 52,500 00 

Total policy claims, ' 

Unpaid dividends of surplus due policy holders, 

Premiums paid in advance, 

Due for taxes, fees, salaries, expenses, etc., 

Contingent surrender value, 

Reserve on lapsed policies, . . . . . 

Liabilities as to policy holders, 

Deduct liabilities on special deposits, .... 

Surplus as regards policy holders, . 

Gross liabilities, 

Premium Note Account. 



$53,186,792 00 



195,999 50 
637,985 01 

41,067 33 
48 00 

71,320 00 
192,884 00 

$54,326,095 84 
100,000 00 

$54,226,095 84 
. 8,576,649 32 

$62,802,745 16 



Premium notes on hand Dec. 31, 1895, 
Premium notes restored by revival of policies, 

Total, . . 
Used in payment of losses and claims, . . 
Used in purchase of surrendered policies, 

Voided by lapse, 

Used in payment of dividends to policy holders 
Redeemed by maker in cash, . 

Total, ....... 

Balance note assets Dec. 31, 1896, 



$1,160,955 66 
1,200 00 
_ $1,162,155 66 



,788 40 
15,977 95 

2,808 00 
42,189 08 

6,964 95 



96,728 38 
. $1,065,427 28 



Whole life, 
Endowment, 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

. 60,824 $145,445,723 00 

. 5,782 12,596,333 00 
66,606 $158,042,056 00 



THE CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 69 



Whole life, 
Endowment, 
All other, . 



>,s issued during the Year. 

Number. Amount. Total No 

3,102 |8,091,618 00 

511 1,109,024 00 

293 977,600 00 
3,906 



Total Amount. 



,178,212 00 



Whole life, 
Endowment, 



Old Policies revived. 

31 $108,000 00 

1 1,000 00 



32 



109,000 00 



Whole life, 
Endowment, 
All other, . 



Old Policies increased. 

$46,491 00 
1 12,504 00 

1 9,000 00 



.67,995 00 



Total, 70,546 $168,397,293 00 

Policies terminated during the Year. 
Whole life, . . . 3,585 $9,698,324 00 
Endowment, ... 492 1,192,143 00 
All other, .... 28 84,200 00 





4,105 


$10,974,667 00 






How terminated. 




By death, . 


1,638 


$4,096,214 00 




maturity, . . 


231 


403,104 00 




surrender, . 


791 


1,675,630 00 




lapse, . 


1,212 


2,785,450 00 




change and decrease, . 


2 


1,354,269 00 




Not taken, . 


231 


660,000 00 


4,105 10,974,667 00 



Whole life, 
Endowment, 
All other, . 



Policies in Force Dec. 31, 1896. 

. 60,372 $143,993,508 00 

. 5,803 12,526,718 00 

266 902,400 00 
66,441 



157,422,626 00 



Schedule A. 
Securities held as Collateral. 

Market Value. 

17 shares N. Y., New Haven & Hartford R.R., $2,975 00 

100 shares iEtna Insurance Company, . . 26,500 00 



Loaned Thereon. 

$2,300 00 
10,000 00 



$29,475 00 $12,300 00 



70 THE CONNECTICUT MUTUAL LIFE INSUKANCE COMPANY. 



Schedule B. 

Stocks and Bonds owned by the Company. 



United States currency, .... 

State of Tennessee (settlement), . 

City of Jackson, Mich., water bonds, 

City of Louisville, Ky., bonds, 

City of Mobile, Ala., bonds, 

City of Milwaukee, Wis., bonds, 

City of Milwaukee, Wis., water bonds, . 

City of Quincy, 111., bonds, 

City of Galveston, Texas, bonds, 

City of Austin, Texas, bonds, . 

City of Denver, Col., bonds, 

City of Montreal, Canada, bonds, . 

City of Muncie, Indiana, bonds, 

City of Omaha sewer bonds, . 

City of Omaha paving bonds, . 

City of San Antonio, Texas, bonds, 

City of Duluth, Minn., bonds, . 

.City of St. Paul, Minn., water bonds, 

City of Pueblo, Col., water bonds, . 

City of Seattle, Wash., water bonds, 

City of Seattle, Wash., sewer bonds, 

City of Seattle, Wash., bonds, . 

County of Leavenworth, Kan , bonds, 

County of Hancock, Ohio, court house bonds 

County of Wyandotte, Kan., bonds, 

Province of Quebec currency, . 

Brooklyn Wharf and Warehouse Co. bonds, 

Long Dock Company bonds, . . ' . 

Baltimore & Ohio R R., Parkerb'g branch, bMs, 

Cleve , Cin., Chic. & St. L. R R., St. L. div., b'ds, 

Chic , Burl. & Quincy R.R. Missouri Riv. b'ds, 

Chicago, St. Louis & New Orleans R.R bonds, 

Chicago & Western Indiana R.R. bonds, . 

Chicago, Milwaukee & St. Paul R.R. bonds, 

Chicago & Erie R.R. bonds, 

Gent'l U'n Dep. and R'y Co., Cincinnati, bonds 

Dayton & Michigan R.R. bonds, 

Detroit, Lansing & Northern R.R. bonds, 

Eastern & Amboy R.R. bonds, . 

Harlem River & Port Chester R.R. bonds, 

Lehigh Valley R.R. bonds, 

Manhattan R'y Co. consolidated mortgage, 

Michigan Central R.R. bonds, . 

Mich. Cent. R R., Det. & Bay City br., bonds, 



Cost Value. 

$99,125 00 

19,200 00 

36,000 00 

125,339 06 

87,500 00 

46,000 00 

104,500 00 

115,521 22 

100,000 00 

39,000 00 

90,450 00 

100,031 25 

15,468 75 

102,250 00 

58,575 00 

31,800 00 

133,125 00 

132,370 00 

79,312 50 

36,050 00 

132,870 00 

37,080 00 

99,580 00 

76,797 50 

86,437 50 

15,468 75 

613,975 00 

391,607 50 

269,375 00 

541,297 68 

124,233 05 

776,562 50 

1,000,384 42 

320,712 08 

543,946 39 

250,000 00 

210,575 00 

121,752 50 

273,125 00 

450,000 00 

1,071,485 17 

693,750 00 

102,125 00 

424,068 75 



Market Value. 

$101,000 00 

15,072 00 

40,000 00 

141,225 00 

83,125 00 

51,520 00 

126,500 00 

115,000 00 

100,000 00 

40,000 00 

90,000 00 

100,000 00 

15,000 00 

101,940 00 

58,032 50 

33,000 00 

138,125 00 

136,400 00 

79,500 00 

35,000 00 

129,000 00 

36,000 00 

100,000 00 

75,000 00 

75,000 00 

15,000 00 

587,500 00 

427,060 00 

268,750 00 

554,000 00 

117,150 00 

890,833 33 

1,003,130 00 

348,210 00 

545,833 33 

250,000 00 

220,375 00 

56,500 0,0 

265,416 67 

461,250 00 

1,147,575 00 

705,000 00 

109,000 00 

468,000 00 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 71 



N. Y , Lake Erie & Western R.R. Erie consols 

N. Y., New Haven & Hartford R.R. debentures 

Northern Pacific R.R. bonds, . 

Philadelphia & Reading R.R. bonds, 

St. Louis Cable & Western R.R. bonds, . 

St. Paul & Northern Pacific R.R. bonds, . 

St. Joseph Terminal R.R. bonds, 

Terminal Railway Assoc, of St. Louis bonds 

Vermont Valley R.R. bonds, . 

Wabash R.R. consols, . . . 

130 shares First National Bank, Hartford, 
25 | " JEtna National Bank, Hartford, 

294 " Phoenix National Bank, Hartford 
10 " Charter Oak Natl Bank, Hartford 
80 " City Bank, Hartford, . 
40 " State Bank, Hartford, . 

300 " Conn.Trust& Safe Dep. Co., Hart. 

400 " N. Y., New Haven & Hart. R.R., 
2,000 " Conn. & Pass. Rivers R R , . 

500 " Massawippi Valley Railroad, 



Cost Value. 

$198,574 42 

15,817 25 

565,000 00 

1,025,000 00 

107,325 00 

374,002 50 

350,000 00 

336,250 00 

301,500 00 

153,739 23 

13,000 00 

2,500 00 

40,710 25 

1,055 00 

8,000 00 

4,195 00 

30,000 00 

40,493 75 

200,000 00 

50,000 00 



Market Value. 

$210,800 00 

21,330 00 

578,812 50 

1,091,666 67 

109,890 00 

387,600 00 

350,000 00 

374,500 00 

330,000 00 

148,285 00 

14,300 00 

3,500 Op 

35,280 00 

900 00 

8,000 00 

4,080 00 

49,500 00 

70,800 00 

200,000 00 

50,000 00 



$13,995,988 97$14,495,267 00 



"THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED 
STATES," NEW YORK, N. Y. 

[Incorporated July 26, 1859. Commenced business July 28, 1859.] 

Paid-up Capital, $100,000. 

Henry B. Hyde, President. W t illiam Alexander, Secretary. 

Income. 

Received for premiums on new policies, . . . . $3,603,691 19 

Received for renewal premiums, .... . . 28,430,601 45 

Dividends applied to purchase paid-up additions and annuities, 660,751 49 
Surrender values applied to purchase paid-up insurance and 

annuities, 2,212,955 00 

Received for annuities, . . ' . . . . 1,182,343 40 

Total, . . $36,090,342 53 

Deduct amount paid for reinsurance, .... . 984 82 

Total premium income, $36,089,357 71 

Received for interest, ........ 7,081,346 42 

Received for rents of company's property, . . . . 1,840,354 25 

Total income, . . $45,011,058 38 

Net or ledger assets Dec. 31, 1895, . . . . . 193,964.618 83 

Total, $238,975,677 21 



72 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 



. - Disbursements. 

Paid for losses and additions, 

for matured endowments and additions, . 

on matured instalment policies, .... 

Gross amount paid for losses and endowments, 

Paid to annuitants, 

Cash dividends paid policy holders, . . . 

Cash dividends applied to purchase paid-up additions and 

annuities, 

Surrender values paid in cash, . 

Surrender values applied to purchase paid-up insurance and 

annuities, 



$12,370,854 29 

912,708 62 

9,394 71 

$13,292,957 62 

410,793 31 

. 1,765,181 12 

660,751 49 
3,594,800 91 



2,212,955 00 



Total paid policy holders, . 

Cash paid for dividends to stockholders, 

for commissions and bonuses to agents (new poli- 
cies, $1,505,541.58 ; renewals, $2,230,576.76), . 
for salaries and allowances to managers and agents, 
for medical examiner's fees and inspections, . 
for salaries of officers and home office employees, 
for taxes on premiums, 
for taxes on reserves, etc. 
for taxes on real estate, 
for fees, licenses, etc., 
for rent, . 

for commuting commissions, 
for advertising, printing and postage, 
for legal expenses, .... 
for furniture and office fixtures, 
for real estate expenses (except taxes), 
for incidentals, ..... 

On account depreciation, 



Total disbursements, 



Balance, 



$21,937,439 45 
7,000 00 

3,736,118 34 
318,587 88 
290,008 25 
631,015 35 
209,686 94 

13,812 48 
293,942 11 

22,444 35 
346,977 84 
694,924 65 
405,879 38 
147,356 50 
7,138 59 
704,680 21 
237,409 69 
291,259 06 



$30,295,681 07 



Invested in the following : — 

Assets as per Ledger Accounts. 

Book value of real estate, 

Loans on mortgage of real estate (first liens), 

Loans on collateral security (schedule A), 

Book value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Agents 1 balances, 

Commuted commissions, . 



Total net or ledger assets, as per balance, 



$208,679,996 14 



$42,758,629 31 

. 32,021,426 97 

. 11,723,700 00 

109,595,489 37 

25,661 01 

. 11,237,278 62 

632,697 20 

685,113 66 



$208,679,996 14 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 73 



Other Assets. 
Interest due and accrued, $345,904 53 



Rents due and accrued, ..... 
Market value of stocks and bonds over book, . 



172,992 05 
2,796,862 63 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, 

Total, 

Deduct loading (20 per cent.), 

Net amount of uncollected and 
deferred premiums, 



New Business. Renewals. 

$793,924 00 $2,379,439 00 
190,099 00 2,235,910 00 



$984,023 00 $4,615,349 00 
196,804 60 923,069 80 



$787,218 40 |3,692,279 20 



4,479,497 60 



Total assets, per company's books, . 

Items not admitted. 

Commuted commissions, . 
Agents 1 balances, 
Loan in excess of market value, 
Total, 

Total admitted assets, 
Deduct special deposits in other States, 



$216,475,252 95 



Balance, 



$685,113 66 

632,697 20 

2,218 00 



- 1,320,028 86 

$215,155,224 09 
. 14,195,904 00 

$200,959,320 09 



$171,587,947 00 
110,583 00 



Liabilities. 

Computed premium reserve or net present value of all out 
standing policies (actuaries' 4 per cent.), 

Present value of unpaid instalments, 

Death losses due and unpaid, .... $264,083 16 
Matured endowments due and unpaid, . . 36,234 74 

Death losses in process of adjustment, . , 1,202,871 59 
Claims resisted by the company, . . . 95,675 00 

Due and unpaid on annuity claims, . . . 31,599 74 

Total policy claims, . . . . . 1,630,464 23 

Unpaid dividends of surplus due policy holders, . . 110,876 00 



Liabilities as to policy holders, . 
Deduct liabilities on special deposits, 

Surplus as regards policy holders, . 
Paid-up capital, .... 

Surplus over capital, 



$173,439,870 23 
. 14,121,500 00 



$159,318,370 23 
. $41,640,949 86 

100,000 00 
. 41,540,949 86 



Gross liabilities, 



$200,959,320 09 



74 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S, 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



Exhibit of Policies. 

Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

238,859 $752,832,285 00 

.45,626 148,667,456 00 

. 2,993 4,461,131 00 

6,548,681 00 
287,478 $912,509,553 00 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

. 34,531 $97,231,807 00 

. 8,029 24,541,119 00 

2,188,343 00 
43,448 



123,961,269 00 



Whole life, 
Endowment, 
All other, . 

Additions by dividends, 
Total, . 



Old Policies revived. 

522 $2,132,995 00 

131 464,786 00 

8 32,250 00 



661 



2,630,031 00 
1,102,784 00 



331,587 $1,040,203,637 00 



Policies terminated during the Year. 

Whole life, . . . 31,162 $101,919,554 00 
Endowment, . . . 6,253 20,725,846 00 
All other, .... 453 2,456,167 00 





37,868 


$125,101,567 00 




How terminated. 


By death, . 


. 3,330 


$12,501,912 00 


maturity, 


. 275 


957,547 00 


expiry, . 


. 102 


353,455 00 


surrender, . 


.11,186 


38,685,794 00 


lapse, . 


. 15,959 


44,485,005 00 


change and decrease, 


- 


557,032 00 


Not taken, . . 


. 7,016 


27,560,822 00 



37,868 125,101,567 00 



Policies in Force Dec. 31, 1896. 
Whole life, . . 242,750 $750,277,533 00 
Endowment, . . .47,533 152,947,515 00 
All other, . . . . 3,436 5,447,779 00 
Reversionary additions, . - 6,429,243 00 



293,719 915,102,070 00 






THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 75 



Schedule A. 

Securities held as Collateral. 



Western Union Telegraph stock, 

Baltimore & Ohio R.R. stock, . 

United States Express Co. stock, 

Fairmount, Morgan town & Pittsburgh bonds 

Union Stock Yard bonds, . 

Pittsburgh & Western R'y bonds, . 

United States Express Co. stock, 

Southern Pacific of California bonds, 

Texas & New Orleans bonds, . 

Galveston, Harrisburgh & San Antonio bonds 

Austin & Northwest bonds, 

Southern Pacific of Arizona bonds, . 

Illinois Central R.R. bonds, 

Wells, Fargo & Co. Express stock, . 

Westinghouse Electric & Manuf. stock, 

Mercantile Trust Co. stock, 

Wheeling & Lake Erie stock, . 

Evansville & Terre Haute R.R. stock, 

Louisville, Evansville & St. Louis bonds, 

Peoria, Decatur & Evansville bonds, 

Louisville, Evansville & St. Louis bonds 

Ohio Valley first mortgage bonds, . 

Pittsburgh, Cleveland & Toledo bonds, 

Union Stock Yard bonds, . 

Chesapeake & Ohio bonds, 

National Bank of Denver stock, 

Pittsburgh & Western R'y Co bonds, 

Chicago City Railway Co. stock, 

Baltimore, Ches. & Atlantic R'y bonds, 

United Elec. Light & Power Co. bonds, 

Lake Shore & Mich. Southern R'y stock, 

Southern Railway bonds, . 

Cen. T. Co. Rec. for Louis., N. A. & Chic, b'ds 

Brooklyn City & Newtown R.R. stock, 

Manhattan Elevated R.R. Co. stock, 

United States Illuminating Co. bonds, 

Missouri Pacific bonds, 

St. Louis & Iron Mountain bonds, 

Erie Coal bonds, 

Buffalo, New York & Erie bonds, 

Morris & Essex bonds, 

Cin., Indianapolis, St. Louis & Chicago bonds, 

Syracuse, Binghamton & New York bonds, . 



Market Value. Loaned Thereon. 
$760,500 00 1 

106,375 Oo I 
25,800 00 y $800,000 00 

9,000 00 
30,000 00 
37,500 00 
32,250 00 
45,000 00 
46,500 00 
44,500 00 
20,250 00 } 
22,750 00 
50,000 00 
96,000 00 J 
132,500 00 
20,900 00 
2,850 00 
27,057 00^ 
6,600 00 j 
2,080 00 } 
1,045 00 
1,000 00 j 
350,000 00 ) 
150,000 00 \ 
131,400 00 
312,500 00 
112,500 00 
448,800 00 
1,000,000 00 
600,000 00 
1,530,000 00 
54,900 00 ) 
86,C00 00 $ 
750,000 00 1 
54,825 00 
74,000 00 
21,900 00 
25,900 00 
10,650 00 
27,200 00 
13,950 00 
9,950 00 
12,800 00 J 



50,000 00 

250,000 00 

100,000 00 
9,800 00 

40,000 00 



325,000 00 

100,000 00 
250,000 00 
90,000 00 
300,000 00 
900,000 00 
525,000 00 
1,000,000 00 

100,000 00 



} 707,000 00 



76 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 



Louisville, Cincinnati & Lexington bonds, 
Cairo, Arkansas & Texas bonds, 
Great Northern R.R. stock, 
Southern Railway of Georgia stock, 
New York city bonds, 
Northern Pacific bonds, .... 
Great Northern Collateral Trust bonds, . 
Norfolk & Western R.R. bonds, 
Baltimore & Ohio bonds, .... 
Pitts., McKeesport & Youghiogheny bonds, 
Atchison, Topeka & Santa Fe notes, 
Guaranty Trust Co. stock, 
Central Trust Co. certificates, . ... 
Great Northern R.R. stock, 
Atchison, Topeka & Santa Fe bonds, 
Scioto Valley bonds, .... 

Midland of New Jersey bonds, 

Erie bonds, 

Mississippi River Bridge Co. bonds, 
American Surety Co. bonds, 
Consolidated Gas Co. bonds, 
Illinois Central R.R. bonds, 
Michigan Central R.R. bonds, . 
Westinghouse Elec. & Manuf. Co. stock 
Rock Island R.R. stock, .... 
Remington Arms Manufacturing Co. stock, 
Chicago & Northwestern R.R. stock, 
Cleve., Cin., Chic. & St. L. preferred stock, 
Western Union Telegraph Co. stock, 



|43,258,000 00 



Market Value. Loaned Thereon. 

$3,388,320 00i 

77,000 00 ' 
244,850 00 
199,392 00 J 
827,209 OO^i 
756,860 00 
493,730 00 
180,200 00 ^2,000,000 00 

70,720 00 



19,650 00 

51,375 00 J 

24,300 00 

11,100 00 

59,000 00^1 

71,100 00 

47,790 00 

49,560 00 

95,750 00 

51,700 00 J 

97,500 00^1 

42,000 00 

27,600 00 

18,400 00 

52,867 00 

19,875 00 

360,000 00 

10,450 00 

7,525 00 
84,500 00 J 



18,900 00 



} 300,000 00 



J> 600,000 00 



$14,738,055 00$11,723,700 00 



Schedule B. 

Stocks and Bonds owned by 

Atchison, Topeka & Santa Fe R.R. bonds, 
Atlantic Avenue R R. bonds, . 
Broadway & Seventh Avenue R.R., . 
Broadway Surface R R. bonds, 
Brooklyn City & Newtown R.R bonds, . 
Boston & Maine R.R. bonds, 
Baltimore & Ohio R.R. bonds, . 

St. Paul R.R. bonds, 

Chicago, Burlington & Quincy R R. bonds, 

Northwest R.R. bonds, . 

Columbus, Sandusky & Hocking R'y certs., 

Central of Georgia R R. bonds, 

Central of New Jersey R.R. bonds, . 



the Company. 

Book Value. 

$308,040 00 

464,087 00 

85,218 00 

69,215 00 

349,000 00 

58,375 00 

716,000 00 

4,020,884 00 

10,257,157 00 

7,834,250 00 

250,000 00 

1,657,363 00 

165,561 00 



Market Value. 

$308,040 00 

456,500 00 

87,375 00 

71,162 00 

383,900 00 

58,375 00 

733,640 00 

4,183,429 00 

10,233,682 00 

8,204,842 00 

252,500 00 

1,741,500 00 

159,690 00 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 77 



American Dock & Improvement Co. bonds, 

Columbus & Ninth Avenue bonds, . 

Chicago, St. Paul, Minn. & Omaha R.R. bonds 

Chicago, St. Paul & Minneapolis R.R. bonds, 

Chicago & Western Indiana R.R. bonds, . 

Rock Island R.R. bonds, . 

Chicago & Eastern Illinois bonds, . 

Canada Southern R.R. bonds, . 

Cleveland & Mahoning Valley bonds, 

Cleveland, Cin., Chicago & St. L. R.R bonds 

Cleveland, Col., Cin. & Ind. R.R. bonds, . 

Indianapolis & St. Louis R.R. bonds, 

Cin., Ind., St. Louis & Chicago R.R. bonds, 

Central Park, North & East River bonds, 

Chesapeake & Ohio R.R. bonds, 

Richmond & Allegheny R.R. bonds, 

Albany & Susquehanna R.R. bonds, 

New York & Canada bonds, 

Delaware & Hudson R.R. bonds, 

Morris & Essex R.R. bonds, 

New York, Lackawanna & Western R.R., 

Morris & Essex R.R. bonds, 

N. Y., Lake Erie & Western R.R. bonds, 

Jefferson R.R bonds, .... 

Suspension Bridge & Erie Jc. R.R. bonds, 

Chicago & Erie R.R. bonds, 

Flint & Pere Marquette R.R. bonds, 

Fitchburg debenture bonds, 

Fulton Street Railway bonds, . 

Illinois Central R R. bonds, 

Chicago, St. Louis & New Orleans R.R. bonds 

Kentucky Central R.R. bonds, . 

Louisv'e & Nashv'e & Mob. & Mont. R.R. b'ds 

Louisville & Nashville R.R. bonds, . 

Memphis & Ohio R.R. bonds, . 

Lexington Avenue & Pavonia Ferry R.R. b'ds 

Pittsburgh & Lake Erie R.R. bonds, 

Lake Shore & Mich. Southern R.R. bonds, 

Cincinnati & Springfield R.R. bonds, 

Detroit, Monroe & Toledo R.R. bonds, . 

Lehigh Yalley Terminal R.R. bonds, 

Manhattan R.R. bonds, .... 

Metropolitan Elevated R.R. bonds, . 

Missouri Pacific R.R. bonds, . . 

Pacific of Missouri R.R. bonds, 

International & Great Northern R.R. bonds, 

Michigan Central R R. bonds, . 

Jackson, Lansing & Saginaw R.R. bonds, 



Book Value. 

$79,654 00 
285,133 00 

1,041,728 00 
180,422 00 
267,667 00 

1,905,289 00 
23,150 00 

1,041,518 00 
787,125 00 

1,236,410 00 
962,714 00 
171,625 00 
390,583 00 
111,834 00 

1,875,459 37 
292,904 00 

2,172,008 00 
450,000 00 
485,947 00 

1,866,704 00 

2,277,994 00 
59,000 00 

2,211,600 00 
103,250 00 
81,319 00 
819,938 00 
33,000 00 
503,750 00 
290,250 00 

1,000,002 00 
490,000 00 
355,825 00 
779,750 00 
199,200 00 
28,562 00 
376,544 00 

1,064,500 00 

1,169,778 00 
96,824 00 
12,700' 00 

1,080,000 00 

1,515,183 00 

1,495,941 00 
712,892 00 
311,614 00 
440,240 00 
549,365 00 
41,400 00 



Market Value. 

$82,892 00 
297,075 00 

1,160,780 00 
173,750 00 
278,400 00 

1,887,465 00 
22,400 00 

1,053,724 00 
805,650 00 

1,263,340 00 

1,013,500 00 
186,000 00 
398,000 00 
108,640 00 

1,879,423 00 
308,700 00 

2,154,940 00 
450,000 00 
476,190 00 

1,985,020 00 

2,291,850 00 
55,500 00 

2,246,600 00 
104,500 00 
81,400 00 
823,125 00 
27,885 00 
503,750 00 
290,250 00 

1,000,000 00 
500,000 00 
374,100 00 
789,700 00 
193,600 00 
28,562 00 
392,605 00 

1,120,000 00 

1,141,405 00 
94,080 00 
12,500 00 

1,097,500 00 

1,512,400 00 

1,491,689 00 
615,000 00 
308,535 00 
464,000 00 
539,180 00 
40,800 00 



78 THE EQUITABLE LIFE . ASSURANCE SOCIETY OF THE U. S. 



Michigan Central R.R. bonds, x . 

New York Central R.R. bonds, 

West Shore R.R. bonds, .... 

Pine Creek R.R. bonds, .... 

Rome, Watertown & Ogdensburg R.R. bonds 

New York & New England R.R. bonds, . 

New York Elevated R.R. bonds, 

New York, Chicago & St. Louis R.R. bonds, 

New York, Ontario & Western R.R. bonds, 

Northern Pacific certificates, . 

Sub. to bonds of Northern Pacific Railway, 

James River Valley R.R. bonds, 

Newark, Somerset & Straitsville R.R. bonds, 

Oregon Railroad & Navigation Co. bonds, 

Ohio & Mississippi R R. bonds, 

Old Colony R.R. bonds, .... 

Peoria & Pekin Union R.R. bonds, . 

Pittsburgh & Western R.R. bonds, . 

Pittsburgh, Painesville & Fairport R.R. bonds 

Pennsylvania R.R. bonds, .... 

Pitts., Cin., Chic. & St. Louis R.R. bonds, 

Pitts., Cincinnati & St. Louis R.R. bonds, 

Allegheny Valley R.R. bonds, . 

Pitts., McKeesport & Yough. R R. bonds, 

Phil. & Reading sinking fund bonds, 

Rochester & Pittsburgh R.R. bonds, 

South Ferry bonds, .... 

St. Louis & San Francisco bonds, 

St. Louis & Iron Mountain R.R. bonds, 

Second Avenue bonds, 

St. Louis Terminal bonds, 

St. Paul, Minn. & Manitoba R.R. bonds, 

Willmar & Sioux Falls R R. bonds, . 

Virginia Midland R.R. bonds, . 

Sandusky, Mansfield & Newark R.R. bonds, 

Texas & Pacific R R. bonds, 

Union Pacific R.R. bonds, 

Union Pacific certificates, . 

Subscription to bonds Union Pacific, 

United Traction & Electric Co. bonds, 

Wabash R R. bonds, . 

Wheeling & Lake Erie R.R. bonds, 

Quebec city bonds, . 

Toronto city debentures, . 

Montreal city bonds, 

Elizabeth city bonds, 

Newark city bonds, . 

City of Lawrence bonds, . 



Book Value. 

$549,405 00 
415,884 00 

1,000,000 00 
253,612 00 
425,215 00 
341,724 00 
566,100 00 
193,000 00 
493,500 00 

952.273 00 
50,000 00 
84,092 00 

112,612 00 
140,000 00 
548,488 00 
510,618 00 
267,031 00 
758,707 00 
146,500 00 
917,946 00 
1,967,840 00 
229,966 00 

504.274 00 

951.250 00 
487,500 00 
118,000 00 
155,000 00 
104,718 00 

2,898,637 00 
139,262 00 
196,800 00 

1,203,694 00 
563,575 00 
248,858 00 

156.251 00 
307,602 00 
793,901 00 
187,343 00 
157,500 00 
505,000 00 

1,035,500 00 
110,833 00 
97,271 00 
286,890 00 
673,953 00 
338,428 00 
267,500 00 
198,762 00 



Market Value. 

$531,000 00 
408,650 00 

1,071,250 00 
270,978 00 
420,030 00 
343,000 00 
589,360 00 
191,937 00 
525,125 00 

1,018,818 00 
50,000 00 
40,500 00 
112,612 00 
140,000 00 
537,600 00 
510,618 00 
276,100 00 
745,500 00 
147,000 00 
999,000 00 

2,050,280 00 
229,390 00 
495,300 00 
982,500 00 
490,000 00 
121,000 00 
162,000 00 
103,695 00 

2,686,255 00 
136,850 00 
217,300 00 

1,296,210 00 
596,075 00 
246,170 00 
156,251 00 
299,250 00 
835,977 00 
187,544 00 
157,500 00 
507,500 00 

1,060,000 00 
105,000 00 
106,082 00 
309,520 00 
706,180 00 
352,500 00 
300,000 00 
196,953 00 



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE U. S. 79 



City of Woonsocket bonds, 

Virginia State bonds, 

City of Milwaukee bonds, 

Citj' of Manchester water loan bonds, 

City of Manchester improvement loan bonds 

City of Manchester school loan bonds, 

City of Somerville bonds, 

City of Somerville sewer bonds, 

City of Brockton sewerage bonds, 

City of Lynn bonds, . 

City of Lynn water bonds, 

New York City bonds, 

Western Union Telegraph bonds, 

Laclede gas bonds, . 

Baltimore consolidated gas bonds, 

Western Transit Co. bonds, 

Westinghouse Electric & Mfg. Co. bonds 

International Navigation Co. bonds, 

Northwestern Telegraph bonds, 

United Electric Light & Power Co. bonds 

United States bonds, . 

Russian government bonds, 

Southwestern Railway bonds, 

Rezan Ural Railway bonds, 

Kursk Kieff Railway bonds, 

Orenburg Railway bonds, 

Kieff Voronesh Railway bonds, 

Southeastern Railway bonds, . 

Nobles 1 State Land Bank bonds, 

Prussian government bonds, . 

Italian government bonds, 

German bonds, .... 

German imperial loan, 

Swedish government bonds, 

Swiss government bonds, . 

Wurtemberg bonds, . 

Cape of Good Hope government bonds, 

Transvaal bonds, 

Brazilian government bonds, . 

South Australian government bond 

Hungarian government bonds, 

Servian government bonds, 

Pennsylvania stock, . 

Mercantile Trust stock, 

Cleveland, Cin., Chic. & St. Louis stock 

Chicago, Rock Island & Pacific stock, 

Missouri Pacific stock, 

Chic, St. Paul, Minn. & Omaha stock, 



Book Value. 

$115,912 00 
11,371 00 
324,387 00 
105,007 00 
68,544 00 
61,110 00 
252,447 00 
57,613 00 
178,500 00 
67,646 00 
155,694 00 
732,970 00 
1,846,790 00 
194,506 00 
359,827 00 
517,340 00 
356,250 00 
102,500 00 
104,835 00 
263,250 00 
968,800 00 
315,316 00 
110,970 00 
361,979 00 
71,957 00 
20,324 00 
166,900 00 
272,366 00 
12,649 00 
426,976 00 
537,061 00 
24,368 00 
415,243 00 
93,924 00 
19,255 00 
109,744 00 
51,847 00 
48,747 00 
111,884 00 
48,995 00 
100,325 00 
21,421 00 
324,625 00 
2,176,964 00 
1,492,481 00 
1,169,697 00 
725,150 00 
143,119 00 



Market Value. 

$114,400 00 

12,654 00 

324,543 00 

104,370 00 

68,160 00 

61,125 00 

252,447 00 

57,613 00 

178,500 00 

65,460 00 

155,150 00 

736,305 00 

1,844,270 00 

215,760 00 

373,025 00 

513,125 00 

356,250 00 

100,000 00 

104.980 00 
300,000 00 
884,800 00 
373,925 00 
117,794 00 

366.981 00 
73,340 00 
21,399 00 

169,179 00 

272,924 00 

12,791 00 

484,187 00 

563,775 00 

24,439 00 

472,654 00 

95,704 00 

19,712 00 

107,032 00 

55,947 00 

54,199 00 

89,943 00 

51,031 00 

112,798 00 

20,544 00 

314,531 00 

5,546,024 00 

1,103,450 00 

960,625 00 

311,937 00 

141,000 00 



80 



THE GERMANIA LIFE INSURANCE COMPANY. 



Michigan Central stock, .... 
Chicago & Northwestern stock, . . 
Illinois Central stock, .... 
St. Paul, Minn. & Manitoba stock, . 
Chicago, Milwaukee & St. Paul stock, . 
Baltimore & Ohio stock, 
Rome, Watertown & Ogdensburg stock, 
Delaware & Hudson Canal stock, . 
Western National Bank stock, 
Western Union Telegraph stock, . 
Lake Shore & Michigan Southern stock, 

Manhattan stock, 

New York Central & Hudson River stock, 
Westinghouse Electric & Mfg. Co. stock, 
Oregon R.R. & Nav. Co. stock, 



Book Value. 

$970,718 00 
602,900 00 

1,131,230 00 
269,302 00 
448,492 00 

1,171,064 00 
613,365 00 
799,616 00 

1,272,319 00 
572,903 00 
201,957 00 

1,209,537 00 

239,817 00 

247,423 00 

49,000 00 



Market Value. 

|874,000 00 
627,000 00 

1,021,200 00 
274,800 00 
478,225 00 
256,750 00 
672,600 00 
719,975 00 

1,308,013 00 
557,700 00 
214,200 00 

1,014,262 00 

235,000 00 

265,000 00 

89,425 00 



$109,595,489 37 $112,392,352 00 



"THE GERMANIA LIFE INSURANCE COMPANY" OF NEW 

YORK. 

[Incorporated April 10, 1860. Commenced business July 16, I860.] 
Paid-up Capital, $200,000. 

Hugo Wesendonck, President. Hubert Cillis, Secretary. 



Income. 

Received for premiums on new policies, . . 

Received for renewal premiums, 

Dividends applied to pay running premiums, . . . 
Dividends applied to purchase paid-up additions and annuities, 
Surrender values applied to purchase paid-up insurance and 

annuities, 

Received for annuities, .... 



Total, ....... 

Deduct amount paid for reinsurance, 

Total premium income, 

Received for interest, .... 

as discount on claims paid in advance, 
for rents of company's property, 

Policy fees, 



Total income, . 
Net or ledger assets Dec. 31, 1895, . 

Total 



$322,710 23 

2,347,928 90 

106,887 49 

48,950 97 

173,125 76 
13,361 03 

$3,012,964 38 
6,502 90 

$3,006,461 48 

883,550 00 

1,319 20 

137,150 83 

1,779 94 

$4,030,261 45 
20,457,206 17 

$24,487,467 62 



THE GERMANIA LIFE INSURANCE COMPANY. 



81 



Disbursements. 

Paid for losses and additions, 

Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 

Paid to annuitants, . 

Cash dividends paid policy holders, . . .. . 

applied to pay running premiums, . t 

applied to purchase paid-up additions and 

annuities, 

Surrender values paid in cash, 

Surrender values applied to purchase paid-up insurance an 
annuities, 



Total paid policy holders, ...... 

Cash paid for dividends to stockholders, .... 

for commissions and bonuses to agents (new poli 
cies, $183,268.94; renewals, $126,821.27),. 

for salaries and allowances to managers and agents 

for medical examiner's fees and inspections, . 

for salaries of officers and home office employees 

for taxes on premiums, 

for taxes on reserves, 

for taxes on real estate, 

for fees, licenses, etc., 

for rent, . 

for commuting commissions, . 

for advertising and printing, . 

for furniture and office fixtures, 

for real estate expenses (except taxes), . 

for incidentals, 

Profit and loss account, 



Total disbursements, 
Balance, 



$968,809 60 
470,887 78 

$1,439,697 38 

22,964 54 

9,132 67 

106,887 49 

48,950 97 
224,500 27 

173,125 76 

$2,025,259 08 
24,000 00 

310,090 2L 

116,915 29 

27,085 90 

89,757 69 

15,961 86 

414 13 

20,875 63 

4,814 04 

20,260 00 

2,734 71 

22,773 73 

2,700 36 

44,208 77 

40,441 68 

8,827 50 

$2,777,120 58 

$21,710,347 04 



Invested in the following: : — 



Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on company's policies assigned as collateral, 
Cost value of stocks and bonds owned (schedule A), 
Cash in company's office, 

deposited in bank, . 

in transit (since received), .... 

Total net or ledger assets, as per balance, 



$2,158,928 01 

12,137,625 00 

1,119,162 81 

5,974,464 48 

3,182 19 

180,696 14 

136,288 41 

^21,710,347 04 



82 



THE GERMANIA LIFE INSURANCE COMPANY. 



Other Assets. 

Interest due and accrued, . . 

Rents due and accrued, . 

Market value of real estate over cost, 



Uncollected premiums on poli- 
cies in force, . . . . 

Deferred premiums on policies 
in force, . . 

Total, 

Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. 

$36,574 21 
37,903 16 



,477 37 
14,895 47 



Total assets, per company's books, . 
Deduct depreciation from cost of assets, 



Total . 

Deduct special deposits in other States, . 



Balance, 



Renewals. 

$146,018 35 

290,602 36 

$436,620 71 
87,324 14 



$59,581 90 $349,296 57 



$216,409 57 

9,191 72 

38,341 80 



408,878 47 



$22,383,168 60 
58,289 84 

$22,324,878 76 
. 2,316,887 14 



$20,007,991 62 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . . . $20,013,418 00 
Deduct net value of reinsured risks, 28,191 00 



Net reserve, 



$19,985,227 00 



Death losses due and unpaid, .... $1,225 80 

Matured endowments due and unpaid, . . 8,989 32 

Death losses in process of adjustment, . . 140,825 39 
Claims resisted by the company, . . . 61,686 87 

Due and unpaid on annuity claims, . . . 1,417 25 

Total policy claims, 

Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, .... 
Contingent surrender value, .... 
Extra reserve for war and other policies, 

Liabilities as to policy holders, . 
Deduct liabilities on special deposits, 

Surplus as regards policy holders, . . . $2,014,446 59 
Paid-up capital, . . . ... 

Surplus over capital, . 



214,144 63 

31,916 36 

1,855 20 

8,624 80 

68,664 18 



$20,310,432 17 
. 2,316,887 14 



$17,993,545 03 

200,000 00 
1,814,446 59 



Gross liabilities, 



$20,007,991 62 



THE GERMANIA LIFE INSURANCE COMPANY. 



83 



Exhibit of Policies. 



Policies and Additions in Force Dec. 31, IS 9 5 

Number. Amount. Total No. 

Whole life, . . . 14,667 $29,043,133 00 

Endowment, . . . 25,943 38,817,342 00 

All other, .... 162 439,615 00 

Reversionary additions, . - 725,572 00 

a(\ 770 


Total Amount. 

$69,025,662 00 


Policies issued during the Year. 

Whole life, . . . 2,332 $4,358,052 00 
Endowment, . . . 3,465 4,918,579 00 
All other, .... 19 53,962 00 



5,816 9,330,593 00 



Whole life, 
Endowment, 
All other, . 



Additions by dividends, . 
Total,. 



Old Policies revived. 

8 $17,000 00 

10 11,710 00 

1 5,000 00 



19 



33,710 00 



68,154 00 



46,607 $78,458,119 00 



Policies terminated during the Year. 

Whole life, . . . 1,808 $3,788,078 00 
Endowment, .. . . 2,738 4,042,161 00 
Allother, .... 41 193,064 00 







4,587 


$8,023,303 00 








Hoiv terminated. 




By death, . 




556 


$964,672 00 




maturity, 




327 


465,993 00 




expiry, 




59 


98,294 00 




surrender, . 




1,002 


1,998,205 00 




lapse, . 




1,732 


2,769,804 00 




change and decrease, . 


- 


236,592 00 




Not taken, . 


• 


911 


1,489,743 00 

A ^97 


8,023,303 00 






'1,00 i 




Policies in Force Dec. 31, 1896. 




Whole life, 


, , 


15,199 


$29,630,107 00 




Endowment, 


. 


26,680 


39,705,470 00 




All other, . . . 


. , 


141 


383,287 00 




Reversionary additions, . 


- 


715,952 00 










ao (\nr\ 


70,434,816 00 








Industrial policies in 


force, 





. 5,054 


627,327 00 



84 



THE GERMANIA LIFE INSURANCE COMPANY. 



Schedule A. 

Stocks and Bonds owned by the Company. 

Cost Value. 



42d St. Mn. & St. Nich. Av. H. R.R., N.Y., stock 
125 shares German American Bank, 
Virginia funded debt, century coupon bonds, 
City of Lexington, Ky., bonds, . 
Newark, N. J., city bonds, 
Dominion of Canada debentures, 
Montreal Harbor coupon bonds, 
Austrian government bonds, 
Hungarian government bonds, . 
Bavarian government bonds, . 
Swiss government bonds, . 
Wurtemberg government bonds, 
Prussian government bonds, . 
Atchison, Topeka & Santa Fe R.R. bonds, 
Atlantic Avenue R.R. Co. of Brooklyn bonds 
Improvement mortgage guarantee bonds, 
Baltimore & Ohio Railroad bonds, . 
Central Ohio construction guarantee bonds, 
Sandusky, Mansfield & Newark bonds, . 
Baltimore & Ohio equipment bonds, 
Brooklyn Elevated Railroad bonds, . 
Cen. Park, No. & East River City R.R. bonds 
Elizabethtown, Lexington & Big Sandy bonds 
Chicago & Alton Railroad bonds, 
Louisiana & Missouri River bonds, . 
Hannibal & St. Joseph bonds, . 
Lincoln & Northwestern bonds, 
Chicago, Milwaukee & St. Paul R'y Co. bonds 
Hastings & Dakota bonds, 
St. Paul & Chicago (River Div.) bonds, . 
Chicago & Northwestern Railway Co. bonds, 
Menominee Extension bonds, . 
Northwestern Union, S. F., bonds, . 
Chicago, Rock Island & Pacific R'y Co. bonds 
Chicago & Southwestern bonds, 
Columbus & Indianapolis Central bonds, 
Chic , St. Paul, Minn. & Omaha R.R. bonds, 
Chicago, St. Paul & Minneapolis bonds, . 
North Wisconsin bonds, .... 
St. Paul & Sioux City bonds, . 
Clev., Cin. Chicago & St. Louis R'y Co. bonds 
Cincinnati, Lafayette & Chicago bonds, . 
Cincinnati, Sandusky & Cleveland bonds, 
Col , Hocking Valley & Tol. R.R. Co. bonds, 



$10,687 50 
17,075 00 
46,125 00 
21,090 00 
52,625 00 
25,000 00 

432,538 87 
46,987 97 
10,392 60 
19,358 69 
98,634 48 
1,553,290 62 
23,500 00 
26,187 50 
46,500 00 
50,750 00 
25,562 50 
60,750 00 
50,375 00 
52,375 00 
48,605 00 
42,600 00 
18,018 75 
4,760 00 
17,531 25 
13,275 00 
64,187 50 
25,200 00 
50,050 00 

129,187 50 
22,275 00 

195,691 25 
52,875 00 
20,740 00 
14,730 00 
36,300 00 
33,422 50 
54,490 00 

122,000 00 
90,000 00 
30,562 50 
43,050 00 
10,890 00 



Market Value. 

$2,600 00 
10,125 00 
19,920 00 
51,250 00 
17,850 00 
52,500 00 
26,250 00 

448,397 13 
53,453 79 
10,590 23 
19,420 80 
97,675 20 
1,588,679 99 
22,400 00 
26,000 00 
39,000 00 
45,000 00 
24,500 00 
51,250 00 
50,625 00 
36,500 00 
44,400 00 
39,600 00 
17,100 00 
4,320 00 
17,700 00 
12,000 00 
64,250 00 
27,000 00 
51,400 00 

139,500 00 
23,400 00 

206,360 00 
52,250 00 
17,850 00 
13,920 00 
38,100 00 
36,250 00 
58,500 00 

130,000 00 
92,000 00 
28,250 00 
45,360 00 
10,350 00 



THE GERMANIA LIFE INSURANCE COMPANY. 



85 



Columbus & Ninth Ave. R.R. Company bonds 
Dayton & Michigan R.R. Co. bonds, 
Delaware & Hudson Canal Co. bonds, 
Edison Elec. 111. Co , Paterson, N. J. bonds, 
Flint & Pere Marquette Railroad Co. bonds, 
Galv., Harrisburg & San Antonio R.R. bonds 
Kentucky Union Company, 
Lexington & Eastern Railway Co. bonds, . 
King's County Elevated Railway Co. bonds, 
Fulton Elevated bonds, .... 
Lexington Ave. & Pavonia Ferry R.R. Co. b'ds 
Brooklyn & Montauk bonds, 
Long Island City & Flushing bonds, 
Detroit & Bay City bonds, 
Grand River Valley bonds, 
Mil., Lake Shore & Western Railway Co. b'ds 
Minneapolis & St. Louis Railway Co. bonds, 
Minneapolis Street Railway Co. bonds, . 
Missouri Pacific Railway Co. bonds, 
St. Louis, Iron Mountain & Southern bonds, 
Arkansas Branch bonds, .... 
New York, Lake Erie & Western R'y Co. b'ds 
Northern Ohio Railway Co. bonds, . 
Northern Pacific Railroad Co. bonds, 
Paterson Railway Co. bonds, . 
Philadelphia & Reading Railroad Co. bonds, 
Rio Grande Western Railroad Co. bonds, 
St. Joseph & Grand Island Railroad Co. bonds 
St. Paul, Minn. & Manitoba R'y Co. bonds, 
Montana Central bonds, .... 
Second Avenue R.R. Co. of New York bonds 
Sioux City & Northern Railroad Co. bonds, 
South Carolina & Georgia Railroad Co. bonds 
East Tenn., Va. & Georgia sinking fund b'ds 
Syracuse Rapid Transit Railway Co. bonds, 
Terre Haute & Indianapolis Railroad Co. b'ds 
Texas & Pacific Railroad Co. bonds, 
Ulster & Delaware Railroad Co. bonds, . 
Wabash Railroad Co. sinking fund bonds, 



Cost Value. 

$26,625 00 
20,900 00 
44,187 50 
24,500 00 
58,625 00 
46,500 00 

47,875 00 

25,000 00 
25,000 00 
26,625 00 
54,875 00 
38,010 00 
23,246 25 
36,450 00 
49,750 00 
56,910 00 
47,625 00 
37,200 00 
50,750 00 
25,801 25 

271,612 50 
51,500 00 

118,175 00 
24,375 00 

125,700 00 

112,250 00 
32,250 00 

135,187 50 
80,262 50 
26,125 00 
46,000 00 
24,500 00 
36,225 00 
94,900 00 
20,200 00 
45,875 00 
49,875 00 

102,750 00 



Market Value. 

$29,000 00 
21,200 00 
49,700 00 
24,500 00 
57,000 00 
40,400 00 
750 00 
7,875 00 
11,250 00 
10,000 00 
29,125 00 
53,000 00 
37,440 00 
26,680 00 
34,800 00 
56,000 00 
58,800 00 
45,000 00 
30,750 00 
51,000 00 
25,125 00 

296,070 00 
52,000 00 

116,000 00 
24,250 00 

126,850 00 

112,500 00 
14,700 00 

145,625 00 
84,162 50 
26,625 00 
25,000 00 
23,250 00 
33,150 00 
54,500 00 
20,000 00 
42,750 00 
50,000 00 

105,500 00 



1,974,464 48 $5,916,174 64 



8Q 



HOME LIFE INSURANCE COMPANY. 



« HOME LIFE INSURANCE COMPANY," NEW YORK, N. Y. 

[Incorporated April 30, 1860. Commenced business May 1, I860.] 

Paid-dp Capital, $125,000. 

George E. Ide, President. Ellis W. Gladwin, Secretary. 

Income. 

Received for premiums on new policies, . . . . . $235,882 12 

Received for renewal premiums, 1,114,038 65 

Dividends applied to pay running premiums, .... 76,511 46 

Dividends applied to purchase paid-up additions and annuities, 91,056 61 
Surrender values applied to purchase paid-up insurance and 

annuities, . 44,262 00 

Received for annuities, 69,678 50 



Total, 

Deduct amount paid for reinsurance, 

Total premium income, .... 

Received for interest, 

as discount on claims paid in advance, 
for rents of company's property, 

Premium notes or loans restored, 

Profit and loss account, 



Total income, 
Net or ledger assets Dec. 31, 1S95, 



Total, 



$1,631,429 34 
5,569 97 

$1,625,859 37 

333,428 77 

484 26 

90,622 40 

2,801 81 

1,344 11 

$2,054,540 72 
8,659,293 53 

$10,713,834 25 



Disbursements. 

Paid for losses and additions, 

for matured endowments and additions, . 
on matured instalment policies, 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 

Net amount paid for losses and endowments, . 
Paid to annuitants, . 

Cash dividends paid policy holders, . . . . 

applied to pay running premiums, . 
applied to purchase paid-up additions 
annuities, ..... 

Surrender values paid in cash, 

Surrender values applied to purchase paid-up insurance 
annuities, . . 



and 



and 



Total paid policy holders, 

Cash paid for dividends to stockholders, . 
Cash paid for commissions and bonuses to agents (new poll 
cies, $129,383.69; renewals, $82,098.93), 



,095 74 
125,244 10 
500 00 



$801,839 84 
25,000 00 

$776,839 84 

12,408 23 

5,468 00 

76,511 46 

91,056 61 
135,406 15 

44,262 00 



,141,952 29 
15,000 00 

211,482 62 



HOME LIFE INSURANCE COMPANY. 



87 



Cash paid for salaries and allowances to managers and agents 
for medical examiner's fees, .... 
for salaries of officers and home office employees 

for taxes on premiums, 

for taxes on investments, |25 ; on reserves, $800.10 

for taxes on real estate, 

for fees, licenses and State dep't examination, 
for rent, ......... 

for commuting commissions, .... 

for advertising, printing and postage, . 

for legal expenses, ...... 

for real estate expenses (except taxes), . 
for loss on sales of property, .... 

for incidentals, 

Total disbursements, ....... 

Balance, 



$73,152 43 

19,451 00 

80,125 71 

12,891 89 

825 10 

11,836 52 

13,367 47 

25,100 00 

16,596 71 

20,450 50 

8,512 95 

25,496 27 

18,936 62 

10,785 32 

,705,963 40 

>,007,870 85 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash deposited in bank, 

Agents 1 debit balances, . . . . . 

Commuted commissions, ...... 

Total net or ledger assets, as per balance, 



Other Assets 
Interest due and accrued, . ... 

Rents due and accrued, .... 

Market value of real estate, over cost, 

Market value of stocks and bonds, over cost, 

Reinsurance due from other companies, 

Uncollected premiums on poli- $ ew Business. 

cies in force, .... $34,966 21 
Deferred premiums on policies 

in force, ..... 20,331 52 



Total, 

Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



$55,297 73 
11,059 55 



Renewals. 

$98,071 74 

71,120 96 

,192 70 
33,838 54 



$44,238 18 $135,354 16 



51,601,647 32 

2,697,447 52 

79,400 00 

351,601 23 

480,911 05 

3,515,961 67 

170,055 33 

94,250 02 

16,596 71 



>,007,870 85 

93,181 71 
7,236 78 
95,516 68 
97,674 16 
12,500 00 



Total assets, per company's books, 



179,592 34 
. $9,493,572 52 



88 HOME LIFE INSURANCE COMPANY. 



Items not admitted. 

Commuted commissions, $16,596 71 

Agents' debit balances, . . . . . 94,250 02 

Total,. 1110,846 73 



Total admitted assets, $9,382,725 79 

Deduct special deposits in other States, 10,950 00 



Balance, .......... $9,371,775 79 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), .... $8,236,233 00 
Deduct net value of reinsured risks, 7,779 00 



Net reserve, $8,228,454 00 

Present value of unpaid instalments, . . . ' . . 6,326 00 
Death losses in process of adjustment, . . $55,728 84 
Claims resisted by the company, . . . 50,500 00 

Total policy claims, . . . . . 106,228 84 

Unpaid dividends of surplus due policy holders, . . . 6,265 85 

Premiums paid in advance, 5,409 88 



Liabilities as to policy holders, . . . . $8,352,684 57 

Deduct liabilities on special deposits, . . . . . 3,217 00 



,349,467 57 



Surplus as regards policy holders, . . . $1,022,308 22 

Paid-up capital, . . 125,000 00 

Surplus over capital, 897,308 22 



Gross liabilities, ....... .$9,371,77579 

Premium Note Account. 

Premium notes on hand Dec. 31, 1895, . . $486,899 18 
Premium notes received during 1896 (new poli- 
cies, $3,291.10; old policies, $100,474.94), . 103,766 04 
Premium notes restored by revival of policies, 2,801 81 

Total, . $593,467 03 

Used in payment of losses and claims, . . $25,496 27 

in purchase of surrendered policies, . 28,812 32 

in payment of dividends to policy holders, 36,634 78 

Redeemed by maker in cash, . . . . 21,612 61 

Total 112,555 98 



Balance note assets Dec. 81, 1896, $480,911 05 






HOME LIFE INSURANCE COMPANY. 



89 



Exhibit of Policies. 
Policies and Additions in Force Dec 31, 1895. 

Total No. 





Number. 


Amount. 


Whole life, 


. 17,n27 


|32,054,9H 00 


Endowment, 


. 3,076 


5,540,991 00 


All other, . 


. 1,501 


4,045,394 00 


Reversionary additions, 


- 


605,715 00 



Total Amount. 



21,604 $42,247,014 00 



Policies issued during the Year. 



Whole life, 


. 3,070 


|6,047,646 00 






Endowment, 


559 


976,294 00 






All other, . 


343 


860,235 00 


3,972 


7,884,175 00 



Whole life, 
Endowment, 
All other, . 



Old Policies revived. 
75 $164,000 00 

12 21,000 00 

7 18,217 00 



94 



203,217 00 



Whole life, 
All other, . 

Additions by dividends, 

Total, . 



Old Policies increased. 
113,474 00 
2,000 00 



15,474 00 
119,157 00 



25,670 |50,469,037 00 



Policies terminated during the Year. 
Whole life, . . . 3,052 f 6,092,530 00 
Endowment, ... 433 916,921 00 

All other, .... 539 1,487,606 00 

4,024 $8,497,057 00 



How terminated. 



By death, . 

maturity, 

surrender, . 

lapse, . 

change and decrease, 
Not taken, 



270 


$676,096 00 


70 


125,244 00 


734 


1,505,707 00 


. 2,110 


4,125,346 00 


12 


211,576 00 


828 


1,853,088 00 



4,024 8,497,057 00 



90 



HOME LIFE INSURANCE COMPANY. 



Policies in Force Dec. 31, 1896. 



Whole life, 
Endowment, 
All other, . . 
Reversionary additions, 



Number. 

17,120 
3,214 
1,312 



Amount. 

$32,187,504 00 

5,621,364 00 

3,452,016 00 

711,096 00 



Total No. 



Total Amount. 



21,646 $41,971,980 00 



Schedule A. 

Securities held as Collateral. 



Union Trust Company stock, . 
American Exchange National Bank stock, 
United New Jersey JTy and Canal Company, 
Missouri Pacific Railroad bonds, 
Missouri, Kansas & Texas Railroad bonds, 
Standard Gas Light Company stock, 
Burl., Cedar Rapids & Northern R.R. stock, 
Nassau Fire Insurance Company stock, . 
Brooklyn Bank stock, .... 
Washington Trust Company stock, . 
New York & New Jersey Telephone stock, 
Standard Oil Trust stock, .... 
Edison Electric 111. Co , Brooklyn, stock, 
Bond and Mortgage Guarantee Co. stock, 
Dry Dock, East B'way & Battery R.R. stock, 
Municipal Electric Light Company stock, 
Chesapeake & Ohio Railroad bonds, 
Fidelity Securities Company bonds, 
Delaware & Hudson Canal Company stock, 



Market Value. 

$41,250 00 

7,695 00 

6,453 00 

8,000 00 

12,100 00 



Loaned Thereon. 

$6,000 00 
4,400 00 
4,000 00 



26,400 00 i 
14,100 00 J 

700 00 
2,449 00 
1,800 00 
2,318 00 
7,500 00 )> 

686 00 

3,000 00 

960 00 

9,648 00 J 

10,950 00 

2,800 00 

11,600 00 



30,000 00 



15,000 00 



20,000 00 



$170,409 00 $79,400 00 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost Value. Market Value. 

Central Trust Company stock, . . . $29,500 00 $107,500 00 

American Exchange National Bank stock, . 22,512 25 27,513, 00 

National Bank of Commerce stock, . . 34,085 75 40,000 00 

Erie Railroad stock trust certificates, . . 11,923 50 9,998 00 

United States bonds, . . . . . 357,904 19 359,616 67 

New York, Chicago & St. Louis R.R. bonds, . 197,689 74 206,500 00 

New York, Lack. & Western Railroad bonds, . 97,500 00 111,916 67 

Albany & Susquehanna Railroad bonds, . . 241,925 00 244,025 00 

Morris & Essex Railroad bonds, . . . 267,967 50 275,833 33 



HOME LIFE INSURANCE COMPANY. 



91 



Chicago & Northwestern Railroad bonds, 
Oswego & Syracuse Railroad bonds, 
Jefferson Railroad bonds, 
Delaware & Hudson Railroad bonds, 
Monmouth County, N. J., school bonds, 
Michigan Central Railroad bonds, . 
Central Railroad of New Jersey bonds, 
Lake Shore & Michigan Southern R R. bonds 
Louisiana & Missouri River Railroad bonds, 
N. Y. Central & Hudson River R R. bonds, 
Rome, Watertown & Ogdensburg R.R. bonds 
Cleve., Col., Cin. & Indianapolis R.R. bonds, 
Nashville & Decatur Railroad bonds, 
New York & Harlem Railroad bonds, 
Kalamazoo & White Pigeon Railroad bonds, 
Norfolk & Southern Railroad bonds, 
Jackson, Lansing & Saginaw Railroad bonds 
Detroit, Monroe & Toledo Railroad bonds, 
Brooklyn City Railroad bonds, 
Chicago, Burlington & Quincy R.R. bonds, 
Long Island Railroad bonds, . 
Flatbush sewer bonds, .... 
Newark sewer bonds, .... 
Michigan Central Railroad bonds, . 
Edison Electric Illuminating Company bonds 
Lehigh Valley Terminal bonds, 
Chicago & Eastern Illinois bonds, . 
Union Ferry Company bonds, . 
City of Lake Side, Minn., imp. bonds, 
Lincoln, Neb., Street Railway bonds, 
Cleve., Cinn., Chicago & St. Louis bonds, 
Detroit & Bay City bonds, 
Atlantic Avenue Railroad bonds, 
Minneapolis & St. Louis bonds, 
St. Louis & Iron Mountain Railroad bonds, 
Lehigh & New York Railroad bonds, 
42d St , Manh & St. Nich. Ave. R.R. bonds, 
Brooklyn City & Newtown Railroad bonds, 
New York & New Jersey Tel Co. bonds, 
Brooklyn Union Gas Company bonds, 
Erie bonds, . . ... 
Equitable Gas Light Company bonds, . 
Standard Gas Light Company bonds, 



Cost Value. 

$281,400 00 
38,950 00 
102,500 00 
79,091 25 
23,605 00 
49,725 00 

90.149 14 
69,575 00 
33,720 83 

105,750 00 
109,170 00 
11,441 67 
56,750 00 
5,900 00 
9,787 50 
53,500 00 
30,825 50 
12,325 00 
54,664 99 
26,693 00 
17,500 00 
50,000 00 
50,000 00 
24,200 00 
50,000 00 
54,562 50 
50,517 36 
25,000 00 
2,000 00 
56,000 00 
91,750 00 
43,093 75 
45,570 00 
37,500 00 
52,000 00 
46,250 00 
17,325 00 
55,038 75 
53,812 50 
52,906 25 
32,878 75 
57,375 00 

44.150 00 



Market Value. 

$277,666 67 

41,483 33 

103,250 00 

77,916 67 

25,960 00 

51,962 50 

90,067 50 

61,880 00 

31.924 17 
103,833 33 
115,750 00 

10,533 33 

53,750 00 

5,466 67 

10,350 00 

57,291 67 

30,700 00 

12,108 33 

56,250 00 

25,190 00 

15,333 33 

51,000 00 

52,000 00 

22,566 67 

54,375 00 

54,375 00 

49,833 33 

25,291 67 

2,000 00 

37.925 00 
92,333 33 
40,833 33 
43,575 00 
37,500 00 
50,291 67 
45,833 33 
16,950 00 
54,500 00 
55,000 00 
52,332 33 
31,750 00 
57,000 00 
44,800 00 



1,515,961 67 $3,613,635 83 



92 THE KANSAS MUTUAL LIFE INSURANCE COMPANY. 



"THE KANSAS MUTUAL LIFE INSURANCE COMPANY," 

TOPEKA, KANSAS. 

[Incorporated Jan. 16, 1882. Commenced business February, 1882.] 

J. P. Davis, President. John E. Moon, Secretary. 

Income. 

Received for premiums on new policies, ..... $39,212 34 

Received for renewal premiums, 1-18,269 02 

Dividends applied to pay running premiums, .... 13,296 73 

Dividends applied to purchase paid-up additions and annuities, 86 1 60 

Surrender values applied to pay running premiums, . . 805 61 
Surrender values applied to purchase paid-up insurance and 

annuities, 334 14 

Total premium income, $202,779 44 

Received for interest, 15,048 68 

Profit and loss account, 219 05 

Total income, $218,047 17 

Net or ledger assets Dec. 31, 1895, 237,371 54 

Total, $455,418 71 



Disbursements. 

Paid for losses, $78,100 00 

Premium notes or loans voided by lapse, .... 1,484 40 

Cash dividends applied to pay running premiums, . . 13,296 73 
Cash dividends applied to purchase paid-up additions and 

annuities, 861 60 

Surrender values paid in cash, 2,284 22 

applied to pay running premiums, . . 805 61 
applied to purchase paid-up insurance and 

annuities, ....... 334 14 

Total paid policy holders, . . . . . . . $97,166 70 

Cash paid for commissions and bonuses to agents (new poli- 
cies, $17,436.63; renewals, $3,999.37), . . 21,436 00 
for salaries and allowances to managers and agents, 7,139 94 
for medical examiner's fees and inspections, . . 4,614 30 
for salaries of officers and home office employees, 25,085 87 
for taxes on new premiums, $564.84 ; on re- 
newals, $181.05, 745 89 

for taxes on investments, $1,360.91; on reserves, 

).87, 1,391 78 



THE KANSAS MUTUAL LIFE INSURANCE COMPANY. 



93 



Cash paid for fees, licenses, etc., 

for rent, 

for commuting commissions, . 
for advertising, printing and postage, 
for legal expenses, .... 
for furniture and office fixtures, 
for incidentals, . ' . 

Profit and loss account, ..... 



Total disbursements, 
Balance, 



M,26.9 16 

4,090 36 

455 38 

5,913 70 

1,440 52 

125 00 

151 04 

2,226 66 



$173,252 30 
$282,166 41 



Invested in the following 



Loans on mortgage of real estate (first liens), 








$208,055 00 


Premium notes or loans on policies in force, . 








3,966 83 


Par value of bonds owned (schedule A), 








11,000 00 


Cash in company's office, . .... 








444 30 


Cash deposited in bank, 








40,660 93 


Bills receivable, ....... 








10,488 54 


Agents 1 debit balances, ..... 








7,697 48 


Tax sale certificates, 








906 78 


Total, 


. $283,219 86 


Deduct agents 1 credit balances, 








1,053 45 


Total net or ledger assets, as per balance, 


. $282,166 41 


Other Assets. 








Interest due and accrued, ..... 


• 




5,105 79 


Market value of bonds over par, . . 


• 




263 33 


Kew Business. 


Kenewals. 




Uncollected premiums on policies in 








force, ...... $10,092 07 


$8,153 


U 


► 


Deferred premiums on policies in 








force, . . . . . . 4,401 74 


22,499 


4( 





Total, $14,493 81 $30,652 61 

Deduct loading (20 per cent.), . , 2,898 76 6,130 52 



Net amount of uncollected and de- 
ferred premiums, .... $11,595 05 $24,522 09 



Furniture, , 
Stationery, 



Total assets, per company^ books, . 



36,117 14 
2,817 50 
1,000 00 

$327,470 17 



94 



THE KANSAS MUTUAL LIFE INSURANCE COMPANY. 



Items not admitted. 



Office furniture, etc., 
Agents 1 debit balances, 
Bills receivable, 
Stationery, etc., . 
Total, . 

Total admitted assets, 



$2,817 50 
7,697 48 

10,488 54 
1,000 00 



$22,003 52 
$305,466 65 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries 1 4 per cent.), . 
Death losses in process of adjustment, . . $15,500 00 
Claims resisted by the company, . . . 5,000 Q0 

Total policy claims, . 
Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, 

Liabilities as to policy holders, 
Surplus as regards policy holders, 



Gross liabilities, 



$137,564 00 



20,500 00 
3,194 29 

609 75 

$161,868 04 
143,598 61 

$305,466 65 



Premium Note Account. 

Premium notes on hand Dec. 31, 1895, . . $4,720 70 

Premium notes received during 1896 (new poli- 
cies, $975.39 ; old policies, $6,289.13), . . 7,264 52 

Total, 

Voided by lapse, . . . . . . $1,484 40 

Redeemed by maker in cash, .... 6,533 99 

Total, 



Balance note assets Dec. 31, 1896, 



11,985 22 

8,018 39 
$3,966 83 



Whole life, 
Endowment, 
All other, . 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

883 $1,458,236 00 

88 118,137 00 

. 4,034 7,536,500 00 
5,005 $9,112,873 00 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 
423 $652,500 00 

36 62,500 00 

733 1,204,256 00 



1,192 1,919,256 00 



THE KANSAS MUTUAL LIFE INSURANCE COMPANY. 



95 



Whole life, 
All other, . 



Old Policies revived. 



Number. 


Amount. Total No. 


Total Amount. 


1 


$1,000 00 




6 


10,000 00 






7 


$11,000 00 



Whole life, 

All other, .... 

Additions by dividends, . 



Old Policies increased. 

11 |16,000 00 

11 14,000 00 



22 



30,000 00 
1,643 00 



Total, 6,226 $11,074,772 00 



Whole life, 
Endowment, 
All other, . 



Policies terminated during the Year. 

375 $637,756 00 

42 72,000 00 

880 1,594,000 00 



1,297 $2,303,756 00 



How terminated. 



By death, . . . . 


47 


$94,000 00 






expiry, . 


315 


531,500 00 






surrender, . 


26 


42,500 00 






lapse, . 


695 


1,165,000 00 






change and decrease, 


19 


75,756 00 






Not taken, 


195 


395,000 00 












1,297 


2,303,756 00 



Whole life, 
Endowment, 
All other, . 



Policies in Force Bee. 31, 1896. 

943 $1,491,367 00 

82 108,893 00 

. 3,904 7,170,756 00 



4,929 8,771,016 00 



Schedule A. 

Bonds owned by the Company. 

Par Value. 

Brown County, Kan., bonds, .... $10,000 00 
Pratt County, Kan., bonds 1,000 00 



Market Value. 

$10,263 33 
1,000 00 



$11,000 00 $11,263 33 



96 



THE MANHATTAN LIFE INSURANCE COMPANY. 



"THE MANHATTAN LIFE INSURANCE COMPANY," NEW 

YORK, N. Y. 

[Incorporated 1850. Commenced business Aug. 1, 1850.] 
Paid-up Capital, $100,000. 

Henry B. Stokes, President. William C. Frazee, Secretary. 



Income. 

Received for premiums on new policies, 

Received for renewal premiums, 

Dividends applied to pay running premiums, . 

Dividends applied to purchase paid-up additions and annuities, 

Surrender values applied to purchase paid-up insurance and 

annuities, . 

Received for annuities, 



Total, ....... 

Deduct amount paid for reinsurance, 

Total premium income, 
Received for interest, .... 
for rents of company's property, 
for reinsurance, 
Premium notes or loans restored, 
Premium loans or liens, .... 
Profit on securities sold, .... 



Total income, . 
Net or ledger assets Dec. 31, 1895, 



Total, 



$181,375 44 

1,624,245 34 

66,313 57 

1,647 51 

82,286 39 
31,059 30 

$1,986,927 b5 
14,766 41 

$1,972,161 14 

494,947 25 

230,967 22 

442 22 

161 00 

1,428 00 

12,303 94 

$2,712,410 77 
13,382,895 58 

$16,095,306 35 



Disbursements. 
Paid for losses and additions, ..... 
Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 
Paid to annuitants, . . . . . . 

Premium notes or loans voided by lapse, 

Cash dividends paid policy holders, .... 

applied to pay running premiums, . 
applied to purchase paid-up additions and an 
nuities, ...... 

Surrender values paid in cash, . .... 

Surrender values applied to purchase paid-up insurance and 
annuities, . 



Total paid policy holders,. 



1,170,352 67 
105,944 00 

1,276,296 67 
9,482 20 

21,854 73 
8,029 29 

66,313 57 

1,647 51 
296,868 08 

82,286 39 
^,762,778 44 



THE MANHATTAN LIFE INSURANCE COMPANY. 



97 



Cash paid for dividends to stockholders, .... 

for commissions and bonuses to agents (new poli- 
cies, $108,656.14; renewals, $120,075.45), . 
for salaries and allowances to managers and agents 
for medical examiner's fees and inspections, . 
for salaries of officers and home office employees 
for taxes on premiums, 
for taxes on reserves, 
for taxes on real estate, 
for fees, licenses, etc., 
for rent, . 

for advertising, printing and postage, 
for legal expenses, .... 
for furniture and office fixtures, 
for real estate expenses (except taxes), 
for loss on sales of property, . 
for incidentals, .... 

Total disbursements, 



Balance, 

Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 
Cash in company's office, ...... 

Cash deposited in bank, 

Total net or ledger assets, as per balance, 



Other Assets. 
Interest due and accrued, . 

Rents due and accrued, .... 

Market value of real estate over cost, 

Market value of stocks and bonds over cost, 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, 

Total, 

Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



$16,000 00 

228,731 59 

58,889 41 

34,803 82 

91,875 72 

12,548 82 

1,717 42 

27,439 86 

11,571 74 

66,730 12 

34,035 40 

22,885 40 

53 55 

53,184 24 

8,062 50 

25,493 81 

52,456,801 84 

$13,638,504 51 



53,587,784 47 

3,810,321 71 

954,600 00 

252,236 68 

525,617 82 

3,914,590 23 

6,792 89 

586,560 71 

$13,638,504 51 

110,973 51 

11,375 36 

365,551 52 

49,739 77 



New Business, 

$29,725 76 

3,811 00 

$33,536 76 
6,707 35 



Renewals. 

$89,741 04 

109,616 00 

,357 04 
39,871 41 



$26,829 41 $159,485 63 



186,315 04 



98 



THE MANHATTAN LIFE INSURANCE COMPANY. 



Agents' balances (secured, f 24,732.14), . 
Commuted commissions, .... 



Total assets, per company's books, . 



5,308 77 
177.572 44 

$14,608,340 92 



Items not admitted. 



Commuted commissions, . 
Agents 1 balances (not secured), 

Total, 

Total admitted assets, 
Deduct special deposits in other States, 



Balance, 



$177,572 44 
43,576 63 



221,149 07 

$14,387,191 85 
10,250 00 

$14,376,941 85 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . . . $13,231,125 00 
Deduct net value of reinsured risks, 16,147 00 



Net reserve, 

Commissions due on premium notes, 
Death losses in process of adjustment, 
Claims resisted by the company, 

Total policy claims, 

Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, .... 
All other liabilities, 



$13,214,978 00 
5,273 94 



$107,405 50 
48,792 53 



Liabilities as to policy holders, 
Deduct liabilities on special deposits, 

Surplus as regards policy holders, . 
Paid-up capital, .... 

Surplus over capital, 

Gross liabilities, 



156,198 03 
18,513 04 
14,077 50 
20,399 00 

$13,429,439 51 
10,250 00 



$957,752 34 



$13,419,189 51 

100,000 00 
857,752 34 

$14,376,941 85 



Premium Note Account. 



Premium notes on hand Dec. 31, 1895, 
received during 1896, 
restored by revival of policies 

Total, ....... 

Used in payment of losses and claims, . 
Used in purchase of surrendered policies, 

Voided by lapse, 

Used in payment of dividends to policy holders 
Redeemed by maker in cash, . 

Total, ....... 



Balance note assets Dec. 31, 1896, 



$557,017 37 

115,021 28 

161 00 

$30,209 85 

13,726 21 

21,854 73 

1,991 89 

78,799 15 



$672,199 65 



146,581 83 

$525,617 82 



THE MANHATTAN LIFE INSURANCE COMPANY. 



99 



Exhibit of Policies. 



Policies and Additions in Force Dec. 31, 1895. 




Number. Amount. Total No. 


Whole life, 


. 22,049 $51,192,725 00 


Endowment, 


. 2,425 5,970,306 00 


All other, . 


. 1,342 4,398,293 00 


Reversionary additions, 


50,850 00 



Total Amount. 



11,612,174 00 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

. 3,533 $7,835,808 00 
154 330,102 00 

208 824,797 00 



3,895 8,990,707 00 



Whole life, 
Endowment, 
All other, . 

Old policies increased, 
Additions by dividends, 



Total, 



Old Policies revived. 

91 $243,390 00 

12 37,500 00 

5 24,698 00 



108 305,588 00 

80,035 00 

2,687 00 

29,819 $70,991,191 00 



Policies terminated during the Year. 

Whole life, . . . 4,277 $11,149,334 00 
Endowment, ... 320 932,507 00 

All other, .... 268 1,248,909 00 





4,865 


$13,330,750 00 




How terminated. 


By death, . 


440 


$1,170,353 00 


maturity, 


64 


105,944 00 


expiry, 


- 


41,330 00 


surrender, . 


440 


1,045,167 00 


lapse, . 


2,360 


5,856,924 00 


change and decrease, . 


126 


1,195,576 00 


Not taken, . 


1,435 


3,915,456 00 



4,865 13,330,750 00 



Policies in Force Dec. 31, 1896. 
Whole life, . . . 21,396 $48,122,589 00 
Endowment, . . . 2,271 5,405,401 00 

All other 1,287 4,080,146 00 

Reversionary additions, . - 52,305 00 

— — 24,954 



57,660,441 00 



100 



THE MANHATTAN LIFE INSURANCE COMPANY. 



Schedule A. 

Securities held as Collateral. 



Iowa Central Railway Co. bonds, 

Iowa Central Railway stock, . 

Wagner Palace Car Co. stock, . 

Bank of the Metropolis stock, . 

Union Trust Co. stock, 

Western Union Telegraph Co. stock 

National Citizens 1 Bank stock, . 

New York, New Haven & Hartford R'y stock 

New York, Ontario and Western R'y stock, 

Consolidated Gas Co. stock, 

Rome, Watertown & Ogdensburg R'y stock, 

Denver & Rio Grande Railway bonds, 

Rio Grande Western Railway bonds, 

Consumers' Gas Co. of Philadelphia bonds, 

Columbia Bank of New York stock, 

Union Trust Co. stock, .... 

New York, New Haven & Hartford R'y stock 

Rome, Watertown & Ogdensburg R'y stock, 

Consolidated Gas Co. stock, 

Chicago, Milwaukee & St. Paul R'y stock, 

Colorado Coal & Iron Co. bonds, . . " 

New York, Lackawanna & Western R'y bonds 

New York Central & Hudson R. R'y bonds, 

Columbus, Hocking Valley & Tol. R'y bonds 

Texas Pacific Railway bonds, . 

National Citizens' Bank, New York, stock, 

Union Trust Co., New York, stock, 

Tennessee Coal & Iron Co. stock, 

Mortgage on land at Babylon, N. Y 

Wagner Palace Car Co. stock, 

Bank of the Metropolis stock, . 

American Express Co. stock, . 

Columbus Central Railway bonds, 

National Citizens' Bank stock, . 

Houston & Texas Central Railway bonds, 

Consolidated Stock, County of New York, 

Dock Bond, city of New York, . 

Morris & Essex Railway stock, 

Chicago & Northwest Railway stock, 

Sioux City & Pacific Railway bonds, 

Cedar Rapids & Missouri River R'y bonds, 

Winona & Southwestern Railway bonds, . 

New York, Lackawanna & Western bonds, 

American Surety Co. stock, 



Market Value. 

$25,900 00 
9,600 00 
45,000 00 
40,000 00 
15,000 00 
8,300 00 
1,200 00 
12,000 00 
1,400 00 
13,900 00 
11,700 00 
2,700 00 
700 00 
1,000 00 J 
26,200 00 
75,000 00 
3,000 00 > 
2,500 00 
6,900 00 } 
13,000 00 
1,900 00 J 
3,400 00 1 
1,000 00 I 
1,700 00 I 
800 00 J 
28,700 00 
83,200 00 
36,000 00 ) 
15,000 00 S 
6,000 00 
30,000 00 > 
7,600 00 S 
5,400 00 
1,250 00 
32,400 001 
4,400 00 
1,000 00 
5,000 00 
1,100 00 
1,000 00 
4,500 00 
400 00 
3,900 00 
9,000 00 J 



Loaned Thereon. 

$33,975 00 
50,000 00 



> 52,000 00 



15,000 00 
53,500 00 



20,000 00 



5,000 00 

23,000 00 
15,000 00 

22,900 00 

5,000 00 

28,000 00 

4,000 00 
1,000 00 



y 50,000 00 



THE MANHATTAN LIFE INSURANCE COMPANY. 



101 



Atchison, Topeka & Santa Fe Railroad bonds 

Otturawa, C. F. & S. F. Railway bonds, . 

Toledo, St. Louis & Kansas City R'y bonds, 

St. Louis, Alton & Terre Haute R'y bonds, 

Northern Pacific Railway bonds, 

Missouri, Kansas & Texas Railway bonds, 

Ohio Southern Railway bonds, 

Kansas Pacific Railway bonds, 

Oregon Railway & Navigation Co. bonds, 

Union Pacific Railway Co. bonds, 

Cleveland, Cincinnati, Chi. & St. L. R'y stock 

Missouri, Kansas & Texas Railway bonds, 

Pullman Palace Car Co. stock, . 

Columbia Bank of New York stock, 

Union Pacific Railway bonds, . 

Atlanta Consolidated Street Railway stock, 

Utica Electric Light Co. bonds, 

Atlanta Consolidated Street Railway bonds, 

Oregon Railway & Nav. Co. certificates, . 

United States Leather Co. stock, 

Lehio-h & Wilkesbarre Coal Co. bonds, . 

East River National Bank stock, 

New York & New England Railway stock, 

Chicago, Burlington & Quincy Railway stock 

Atchison, Topeka & Santa Fe Railway stock, 

Missouri Pacific Railway Co. stock, . 

Cleveland, Cincinnati, Chi. & St. L. R'y stock 

Park National Bank of Cleveland, Ohio, stock 

Columbus Central Railway bonds, . 

Continental Trust Co. stock, 

American Surety Co. stock, 

Illinois Central Railway Co. stock, . 

National Bank of the Republic stock, 

Standard Oil Trust stock, 

Ann Arbor Railway Co. bonds, 

Burl'gton, Cedar Rapids & Northern R'y stock 

Central Railroad Co. of New Jersey bonds, 

Queen's County Water Co. bonds, . 

Western Union Telegraph Co. stock, 

Lake Shore & Michigan Southern R'y stock, 

Ann Arbor Railway Co. stock, . 

National Citizens' Bank stock, . 

United States 4 per cent, bonds, 

Nashville, Chattanooga & St. Louis R"y stock 

Missouri, Kansas & Texas R'y bonds, 

Union Trust Co. stock, .... 

Henderson Bridge Co. stock, . 

Nashville, Chattanooga & St. Louis R'y stock 



33,500 00 



15,000 00 



Market Value. Loaned Thereon. 

125,500 00^1 
10,500 00 
13,000 00 

3,000 00 

5,800 00 

3,700 00 
19,000 00 } $1C 

5,700 00 

4,000 00 
16,100 00 

1,700 00 
12,300 00 | 

3,300 00 J 

7,700 00^ 

3,500 00 

2,500 00 I 

5,000 00 !> 
16,000 00 

1,400 00 ! 

6,000 00 J 
13,100 00 ) 

8,100 00 S 

9,000 00^| 

6,900 00 

9,800 00 

8,000 00 } 

5,200 00 

5,000 00 
18,900 00 J 
17,000 00 

9,000 00 
27,600 00 
14,000 00 ) 
25,000 00 I 

2,900 00 

7,000 00 
23,600 00 > 

5,000 00 S 

2,300 00 n 
11,200 00 V 
11,000 00 ) 

7,200 00 

5,500 00 
28,000 00 
11,800 00 >| 
90,000 00 [ 
20,000 00 i 
14,000 00 J 



47,625 00 






15,000 00 

20,000 00 

28,000 00 

1,600 00 

4,500 00 

20,000 00 

13,500 00 

1,000 00 

5,000 00 

15,000 00 

100,000 00 



102 



THE MANHATTAN LIFE INSURANCE COMPANY. 



New York Central & Hudson River R'y stock, 
New York Central & Hudson River Ry stock, 
Missouri Pacific Railway bonds, 
Delaware, Lackawanna & Western R'y stock, 
Denver & Rio Grande Railway stock, 
Philadelphia & Reading Railway stock, . 
Southern Railway Co. stock, 
Lexington Ave. Railway bonds, 
Virginia State bonds, .... 
Chicago, Milwaukee & St. Paul R'y bonds, 
Erie prior lien bonds, .... 



Market Value. 

$9,200 00 

4,600 00 

13,800 00 

31,200 00 >| 



Loaned Thereon. 

$7,500 00 

2,500 00 

11,500 00 



3,300 00 I 



6,500 00 
2,600 00 >* 
51,000 00 >| 



J> 35,000 00 



24,800 00 ( 



8,600 00 i 
44,600 00 J 



}> 100,000 00 



$1,381,650 00 $954,600 00 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost Value. Market Value. 

50 shares Bank of Commerce, N. Y., . . $4,460 00 $ 10,100 00 

500 " Consolidated Gas Co., N. Y., . . 72,025 00 69,500 00 

85| " Lowille, Henderson & St. Lo. stock,. 1,902 00 1,372 00 

United States bonds, 118,098 70 127,075 00 

Virginia State bonds, 4,500 00 21,195 50 

Mississippi State bonds, 10,000 00 10,000 00 

Central Park, North & East River R.R. bonds, . 115,325 00 110,000 00 

Harlem River & Port Chester R.R. bonds, . 102,500 00 104,000 00 

Union Pacific R.R. bonds, .... 57,968 17 51,500 00 

Escanaba & Lake Sup. R R. bonds, . . . 34,800 00 32,250 00 

Albany & Susq. R.R. bonds, .... 59,000 00 56,375 00 

Ohio & Miss. R.R. bonds, 58,000 00 57,500 00 

Missouri Pacific R.R. bonds, .... 111,250 00 86,000 00 

New York, Susq. & Western bonds, . . . 301,138 89 103,250 00 

Dakota & Great Southern bonds, . . . 100,000 00 109,000 00 

Morgan's La. & Texas R R. & S S. Co. bonds, 70,805 28 74,200 00 

Sewer & Drainage Cert., New Rochelle,N.Y., 30,000 00 30,000 00 

Town of Danville, Va., bond, .... 10,250 00 10,250 00 

Chic. Mil. & St. Paul RVay Co. bonds, . . 79,389 17 87,750 00 

Denver & Rio Grande R.R. bonds, . • . 78,000 00 91,000 00 

N. Y., Lake Erie & West R R. bonds, . . 67,013 89 69,500 00 

N Y.,Lake Erie & West. Docks & Imp Co.b'ds, 52,500 00 52,500 00 

Burl., Cedar Rapids & No. R.R. bonds, . . 50,718 89 52,750 00 

Chicago & Eastern 111. R.R. bonds, . . . 96,958 34 101,000 00 

Central Railroad Co. of New Jersey bonds, . 27,628 48 29,500 00 

Missouri, Kansas & Texas bonds, . . . 80,317 76 81,500 00 

Monongahela Railroad bonds, .... 50,770 84 45,000 00 

Phila. & Reading R.R. bonds, .... 88,447 22 82,000 00 

Equitable Gas Light Co., N. Y., bonds, . . 211,250 00 228,000 00 

Chicago, Rock Island & Pacific bonds, . . 156,525 96 156,750 00 

Cleveland, Loraine & Wheeling bonds, . . 200,000 00 206,^00 00 



METROPOLITAN LIFE INSURANCE COMPANY. 



103 



Flint & Pere Marquette bonds, 
Knox & Lincoln bonds, .... 
Kanawha & Michigan bonds, . 
Lehigh & Wilkesbarre assented, 
St. Louis, Alton & Terre Haute bonds, . 
West End Street R'way, Boston, bonds, . 
School Dist. No. 61, Bergen Co., N. J., bonds, 
Western Union Collateral Trust bonds, . 
Settlement bonds, State of Tenn., . 
Toledo & Ohio Cent. R'way Co. bonds, . 
Elizabethtown, Lex'ton & Big Sandy R.R. b'ds 
Minneapolis & St. Lo. R.R. Co. bonds, 
Duluth & Iron Range R.R. bonds, . 
Chicago & Ind. Coal RVay Co. bonds, . 
The Galveston Wharf Co., Texas, bonds, 
Burl., Cedar Rapids & No. R'y Co. bonds, 
Louisville, Henderson & St. Lo. R.R bonds, 
Massillon & Cleveland Coal Co. bonds, . 
New Jersey Steamboat Co. bonds, . 



Cost Value. 

$98,152 05 
53,250 00 
77,011 11 

107,426 02 

102,500 00 
97,625 00 
48,762 50 
52,834 46 

167,759 85 
96,500 00 
49,929 87 
50,786 11 

200,791 67 

101,500 00 
50,000 00 

101,500 00 
11,655 50 
97,500 00 
47,562 50 



Market Value. 

$97,750 00 

51,000 00 

78,000 00 

104,125 00 

103,750 00 

105,000 00 

48,762 50 

52,750 00 

163,000 00 

107,500 00 

50,000 00 

50,000 00 

200,000 00 

100,000 00 

49,000 00 

103,000 00 

6,375 00 

100,000 00 

47,500 00 



1,914,590 23 $3,964,330 00 



"METROPOLITAN LIFE INSURANCE COMPANY," NEW 

YORK, N. Y. 

[Incorporated June, 1866. Commenced business January, 1867.] 
Paid-up Capital, $2,000,000. 

John R. Hegeman, President. George B. Woodward, Secretary. 

Income. 

Received for premiums on new policies (ordinary), 
for premiums on new policies (industrial) 
for renewal premiums (ordinary), 
for renewal premiums (industrial), 
for annuities, . 



Total, 

Deduct amount paid for reinsurance, 

Total premium income, 
Received for interest, . ... 

as discount on claims paid in advance, 
for rents of company's property, 
Profit on securities sold, . 
Agents 1 deposits, 



Total income, 
Net or ledger assets Dec 31, 1895, 

Total, 



,495 15 

1,741,305 00 

572,595 75 

16,559,854 04 

7,524 00 

119,307,773 94 
1,578 10 

$ 19,306,195 84 
885,500 23 
17,689 53 
304,129 85 
31,529 30 
3,549 16 



,548,593 91 
24,854,081 19 

15,402,675 10 



104 



METROPOLITAN LIFE INSURANCE COMPANY. 



Disbursements. 

Paid for losses and additions, ..... 
Paid for matured endowments, .... 

Gross amount paid for losses and endowments, 
Paid to annuitants, ........ 

Premium notes or loans voided by lapse, 

Cash dividends paid policy holders, ,...-. 

Surrender values paid in cash, 

Total paid policy holders, ...... 

Cash paid for dividends to stockholders, .... 

for commissions and bonuses to agents, 

for salaries and allowances to managers and agents 

for medical examiner's fees and inspections, . 

for salaries of officers and home office employees 

for taxes on premiums, . 

for taxes on investments, $30 ; on reserves, $4,514.66 

for taxes on real estate, .... 

for fees, licenses, etc., .... 

for rent, ....... 

for commuting commissions, . 

for advertising, printing and postage, . 

for legal expenses, 

for furniture and office fixtures, 

for real estate expenses (except taxes), . 

for incidentals, 

On account of office building, 

Total disbursements, 

Balance, . 

Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on company's policies assigned as collateral 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule A), 
Cash in company's office, . . . ... 

Cash deposited in bank, ..... 

Agents' debit balances, 



|6,963,256 31 
2,400 00 

$6,965,656 31 

300 00 

62 00 

55,469 40 

95,189 85 

$7,116,677 56 

140,000 00 

2,975,663 31 

2,022,487 46 

396,923 32 

820,283 07 

152,553 51 

4,544 66 

46,212 17 

23,869 40 

138,842 01 

910,107 71 

237,226 42 

82,719 31 

10,101 73 

100,576 87 

206,579 74 

170,035 19 

$15,555,403 44 

$29,847,271 66 



Total net or ledger assets, as per balance, 



$8,102,985 24 

11,754,018 00 

16,578 49 

61,891 95 

8,950,386 17 

71,704 91 

889,384 59 

322 31 



,847,271 66 



Other Assets. 

Interest due and accrued, . . 318,471 81 

Rents due and accrued, 11,190 97 



METROPOLITAN LIFE INSURANCE COMPANY. 



105 



Uncollected premiums on poli- 
cies in force (ordinary), 

Deferred premiums on policies 
in force, 

Total . 

Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. 

$22,145 15 

63,447 82 

$85,592 97 
17,118 59 



Kenewals. 

$34,730 81 

176,468 55 

$211,199 36 
42,239 87 



,474 38 $168,959 49 



f 237,433 87 
47,864 02 



Net amount of uncollected and deferred premiums (interme 
diate), 

Net amount of uncollected and deferred premiums (indus- 
trial), 270,160 43 



Total assets, per company's books, . 



$30,732,392 76 



Items not admitted and Depreciation. 

Agents' debit balances, $322 31 

Depreciation from cost of assets, . . . 94,679 6G 

Total, . . . . . . 



Total admitted assets, 
Deduct special deposits in other States, . 

Balance, 



95,001 97 

$30,637,390 79 
222,450 00 

$30,414,940 79 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . . . $24,668,242 00 
Deduct net value of reinsured risks, 1,141 00 



Net reserve, . . . . 
Policy claims unpaid, .... 
Trust funds held by company, . 
Unpaid dividends of surplus due policy holder 
Premiums paid in advance, 
Due for taxes, fees, salaries, expenses, etc., 
Dividend reserve, 



Liabilities as to policy holders, 
Deduct liabilities on special deposits, 

Surplus as regards policy holders, . 
Paid-up capital, 
Surplus over capital, 



s, 



$24,667,101 00 
119,157 58 
73,574 36 
4,524 94 
2,383 62 
106,657 90 
600,000- 00 



$25,573,399 40 
222,450 00 



$5,063,991 39 



Gross liabilities, 



$25,350,949 40 

2,000,000 00 

. 3,063,991 39 

$30,414,940 79 



106 



METROPOLITAN LIFE INSURANCE COMPANY. 



Premium Note Account. 
Premium notes on hand Dec. 31, 1895, 
Premium notes received during 1896, 

Total, 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, 
Voided by lapse, ...... 

Used in payment of dividends to policy holders, 

Total, 

Balance note assets Dec. 31, 1896, . 



$48,950 91 




42,176 08 






$91,126 99 




$3,239 92 




319 62 




62 00 




25,613 50 






29,235 04 





.1,891 95 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

Whole life, . . . 18,764 $20,844,827 00 

Endowment, . . . 4,193 4,956,338 00 

All other, .... 296 769,554 00 

23,253 $26,570,719 00 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

.. 8,030 $9,256,032 00 

. 2,472 2,912,096 00 

94 1,037,031 00 



10,596 13,205,159 00 



Whole life, 
Endowment, 
All other, . 



Old Policies revived. 

215 $234,924 00 

36 43,000 00 

4. 5,000 00 



255 



282,924 CO 



Whole life, 
Endowment, 



Old Policies increased. 

$1,002 00 
9,682 00 



10,684 00 



Total, 34,104 $40,069,486 00 



Policies terminated during the Tear. 

Whole life, . . . 6,875 $7,598,922 00 
Endowment, . . . 1,430 1,626,955 00 
All other, .... 74 300,758 00 



8,379 $9,526,635 00 



METROPOLITAN LIFE INSURANCE COMPANY. 



107 



How terminated. 





Number. 


Amount. 


Total No. 


Total Amount. 


By death, . 


273 


$357,171 00 






maturity, 


3 


2,400 00 






expiry, 


3 


1,758 00 






surrender, . 


389 


478,187 00 






lapse, . 


. 7,272 


7,966,525 00 






change and decrease, 


197 


261,094 00 






Not taken, . 


242 


459,500 00 


8,379 


$9,526,635 00 



Whole life, 
Endowment, 
All other, . 



Policies in force Dec. 31, 1896. 

. 20,134 $22,737,863 00 

. 5,271 6,294,161 00 

320 1,510,827 00 



Intermediate policies in force, . 
Industrial policies in force, 



25,725 
. 5,110 

3,643,569 



30,542,851 00 

2,555,000 00 

454,068,004 00 



Schedule A. 
Stocks and Bonds owned by the Company. 

Cost Value. Market Value. 

United States government bonds, . . . f 161,560 61 $167,008 75 

Akron & Chicago Junction R.R. bonds, . . 99,750 00 90,000 00 

Atlantic Avenue R.R. of Brooklyn bonds, . 472,250 00 430,500 00 

Ann Arbor R.R. bonds, 28,157 80 20,860 00 

Baltimore & Ohio R.R. bonds 125,000 00 112,500 00 

Baltimore Belt R.R. bonds, .... 75,937 50 69,750 00 

Brooklyn City R.R. bonds, .... 217,000 00 230,000 00 

Brooklyn Union Gas Co. bonds, . . . 211,000 00 211,000 00 

Baltimore & Ohio Equipment Co. bonds, . 121,762 50 121,800 00 

Baltimore & Ohio receiver's certificates, . . 55,550 00 55,962 50 

Boston Electric Light Co. bonds, . . . 102,500 00 102,500 00 

Bellville & Carondelet R R. bonds, . . . 27,480 00 27,600 00 

Cleveland, Col., Cin. & Ind. R.R. bonds, . . 33,965 00 37,700 00 

Chicago, Milwaukee & St. Paul R.R. bonds, . 142,612 50 148,157 50 

Chicago & Indiana Coal R.R. bonds, . . 46,218 75 48,500 00 

Chicago & Western Indiana R.R. bonds, . . 77,125 00 77,050 00 

Columbus & Toledo R R. bonds, . . . 90,550 00 85,500 00 

Chicago & Eastern Illinois R.R. bonds, . . 57,527 50 58,500 00 

Central R.R. of New Jersey bonds, . . . 100,750 00 118,000 00 

Cincinnati, Sandusky & Cleveland R R. bonds, 79,000 00 82,500 00 

Chicago, Rock Island & Pacific R.R. bonds, . 26,968 75 26,125 00 

Columbus Connecting & Terminal R.R. bonds, 44,532 50 44,650 00 

Cleve., Cin., Chicago & St. Louis R R. bonds, . 123,510 90 138,750 00 

Charleston & Savannah R.R. bonds, . . 189,375 00 192,000 00 

Columbia & Greenville R.R. bonds, . . ' 21,660 00 20,995 00 



108 



METROPOLITAN LIFE INSURANCE COMPANY. 



Central Georgia R.R. bonds, . 

Cleveland, Akron & Columbus R.R. bonds, 

Duluth & Iron Range R.R. bonds, . 

Detroit & Mackinac R.R. bonds, 

Ellwood Short Line R.R. bonds, 

Fulton Street R.R. bonds, .... 

Hannibal & St. Joseph R.R. bonds, . 

Indiana, Decatur & Western R.R. bonds, 

Lake Erie & Western R.R. bonds, . 

Lincoln Street, Nebraska, R.R. bonds, 

Louisville, New Albany & Chicago R.R. bonds 

Lehigh & New York R.R. bonds, 

Long Island City & Flushing R.R. bonds, 

Minneapolis & St. Louis R.R. bonds, 

Morgan's La. & Texas R R. & S. S. Co. bonds 

Missouri Pacific R.R. bonds, 

Minnesota Car Co. bonds, 

Northern Illinois R.R. bonds, . 

Northern Pacific R.R. bonds, . 

New York City Suburban Water Co. bonds, 

Northern Ohio R.R. bonds, 

Nashville, Chatt. & St. Louis R.R. bonds, 

North Chicago City R.R. bonds, 

Ohio River R R. bonds 

Omaha, Neb., Horse R.R. bonds, 
Pacific of Missouri R.R. bonds, 
Pittsburg & Connellsville R.R. bonds, . 
Rochester Gas & Electric Co. bonds, 
St. Joseph & Grand Island R.R. bonds, . 
St. Paul & Northern Pacific R.R. bonds, . 
St. L , Iron Mountain & Southern R.R. bonds 
St. Paul City R.R. bonds, .... 
St. Louis & Iron Mountain R.R. bonds, . 
Standard Gas Light Co. bonds, 
Savannah, Florida & Western R R. bonds, 
Terre Haute & Indianapolis R.R bonds, . 
Toledo & Ohio Central Car Trust, 
Ulster & Delaware R.R. bonds, 
Union Pacific R.R. bonds, 
Virginia Century bonds, . 
Virginia Midland R.R. bonds, . 
West Side Milwaukee R.R. bonds, 
Western Gas Co. bonds, . 
Western N. Y. & Penn R.R. bonds, 
Consolidated Stock of the City of New York, 
Farmers 1 Loan & Trust Co. stock, New York 
Franklin Trust Co. stock, Brooklyn, 
Hamilton Trust Co. stock, Brooklyn, 



Cost Value. 

$45,250 00 

160,875 00 
28,364 16 
60,468 75 
23,687 50 
46,875 00 
30,386 25 

200,000 00 

247,975 00 
30,240 00 
52,920 00 

225,904 94 
50,500 00 

315,923 75 
39,450 00 
56,312 50 

292,379 89 
26,750 00 

220,000 00 
22,875 00 

505,927 96 

148,125 00 

256,250 00 
94,750 00 
15,000 00 

214,750 00 
77,762 21 

201,897 50 
52,781 25 
58,692 50 
64,375 00 
52,250 00 

254,700 00 

108,000 00 
41,625 00 
25,625 00 

181,042 20 

149,625 00 

259,820 00 
10,450 00 

331,375 00 
60,525 00 

129,602 50 
43,025 00 

100,125 00 
26,731 25 
56,480 50 

119,060 00 



Market Value. 

|49,000 00 

161,250 00 

31,000 00 

19,450 00 

26,250 00 

48,250 00 

29,500 00 

200,000 00 

250,000 00 

13,500 00 

55,370 00 

231,250 00 

50,500 00 

328,575 00 

42.200 00 

43,000 00 

292,379 89 

26,750 00 

220,400 00 

8,790 00 

520,000 00 

149,250 00 

256,250 00 

100,000 00 

15,000 00 

224,000 00 

73,815 00 

200,000 00 

24,000 00 

62,000 00 

65,280 00 

48,400 00 

252,500 00 

112,000 00 

41,810 00 

25,625 00 

179,655 00 

151,500 00 

260,215 00 

12,450 00 

351,520 00 

63,600 00 

136,500 00 

13,840 25 

88,000 00 

26,600 00 

48,760 00 

123,800 00 



THE MUTUAL LIFE INSURANCE COMPANY. 



109 



Metropolitan Trust Co. stock, New York, 
Peoples' Trust Co. stock, Brooklyn, 
United States Trust Co. stock, New York, 
Thames Nat'l Bank stock, Norwich, Conn., 
National Shoe and Leather Bank stock, N. Y. 
Beech Creek R.R. stock, .... 
Dominion of Canada stock, 
New York City Suburban Water Co. stock, 
Northwestern Telegraph Co stock,. 
Sharon, Pa., Railway Co. stock, 
Sioux City, la., Traction Co. stock, . 
Western New York & Penn. R.R. stock, . 



Cost Value. 

$30,000 00 
5,015 00 
76,725 00 
26,535 00 
39,600 00 
10,637 50 

158,318 75 

15,450 00 

21,000 00 

5,000 00 

12,850 00 



Market Value. 

$29,500 00 

4,200 00 

78,840 00 

29,280 00 

27,300 00 

10,982 50 

162,000 00 

950 00 

17,250 00 

22,000 00 

1,500 00 

210 12 



5,950,386 17 $8,855,706 51 



"THE MUTUAL LIFE INSURANCE COMPANY," NEW 

YORK, N. Y. 

[Incorporated April, 1842. Commenced business Feb. 1, 1843.] 

Richard A. McCurdy, President. William J. Easton, Secretary. 



Income. 

Received for premiums on new policies, .... 
Received for renewal premiums, ..... 
Dividends applied to purchase paid-up additions, . 
Surrender values applied to pay running premiums, 
Surrender values applied to purchase paid-up insurance, 
Received for annuities, 

Total, 

Deduct amount paid for reinsurance, 



$5,025,386 71 

26,557,145 69 

2,390,952 02 

923,108 79 

2,497,745 00 

2,201,942 89 



,596,281 10 
2,866 90 



Total premium income, 
Received for interest, .... 
Received for rents of company's property, 
Profit on securities sold, ... 
Profit and loss account, .... 



$39,593,414 20 

. 8,760,122 28 

. 900,361 54 

409,793 93 

39,003 32 



Total income, 
Net or ledger assets Dec. 31, 1895, . 



$49,702,695 27 
208,997,578 48 



Total, $258,700,273 75 



Disbursements. 
Paid for losses and additions, ..... 
Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 



$12,595,113 39 
. 2,475,551 02 

$15,070,664 41 



11.0 



THE MUTUAL LIFE INSURANCE COMPANY. 



Paid to annuitants, 

Cash dividends applied to purchase paid-up additions, . 

Surrender values paid in cash, 

applied to pay running premiums, 
applied to purchase paid-up insurance, 

Total paid policy holders, 

Cash paid for commissions and bonuses to agents (new poli- 
cies, $3,572.228.07 ; renewals, $1,938,997), . 

for salaries and allowances to managers and 
agents, 

for medical examiner's fees and inspections, . 

for salaries of officers and home office employees, 

for taxes on reserves, 

for taxes on real estate, . 

for fees, licenses, taxes on premiums, etc, 

for rent, 

for advertising, printing, postage, etc., 

for legal expenses, .... 

for real estate expenses (except taxes), 

for loss on sales of property, . 

for incidentals, .... 

Profit and loss account, ..... 



Total disbursements, . 
Balance, . 



$605,094 54 

2,390,952 02 

3,950,004 74 

923,108 79 

2,497,745 00 

$25,437,569 50 

5,511,225 07 

988,573 42 
414,098 16 
633,759 58 
30,643 39 
207,707 59 
373,112 44 
175,000 00 
779,042 44 
296,174 52 
438,342 38 
405,537 46 
378,289 19 
149,500 00 



,218,575 14 



$222,481,698 61 



Invested in the folio wins: : — 



Assets as per Ledger Accounts 

Value of real estate, 

Loans on mortgage of real estate (first liens), 

Loans on collateral security (schedule A), 

Book value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Agents' debit balances, 

Commuted commissions, 

Suspense account, 

Total net Or ledger assets, as per balance, 



$22,767,666 65 

. 71,543,929 56 

. 11,091,525 00 

103,449,194 87 

10,957 49 

. 12,669,432 51 

410,115 08 

12,000 00 

526,877 45 



$222,481,698 61 



Other Assets. 

Interest due and accrued, 

Rents due and accrued, 

Market value of stocks and bonds over book, . 



2,279,843 32 
113,709 95 

6,675,887 28 



THE MUTUAL LIFE INSURANCE COMPANY. 



Ill 



New Business. 



Renewals. 



Uncollected premiums on poli- 
cies in force $31,138 78 $2,376,209 47 

Deferred premiums on policies 
in force, . . . . . 146,981 93 2,020,097 60 



Total, $178,120 71 $4,396,307 07 

Deduct loading (20 per cent.), 35,624 14 879,261 41 



Net amount of uncollected and 
deferred premiums, 



: 42,496 57 $3,517,045 66 



1,659,542 23 



Total assets, per company's books, . 



$235,210,681 39 



Items not admitted. 

Commuted commissions, ..... $12,000 00 

Agents' debit balances, 410,115 08 

Suspense account, ...... 526,877 45 

Total,. ....... 



Total admitted assets, 
Deduct special deposits in other States, . 



Balance, 



948,992 53 



$234,261,688 86 
. 5,383,035 68 



$228,878,653 18 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries 1 4 per cent.), . . . $203,139,895 00 



Deduct net value of reinsured risks, 

Net reserve, .... 
Matured endowments due and unpaid, 
Death losses in process of adjustment, 
Claims resisted by the company, 
Due and unpaid on annuity claims, . 

Total policy claims, . 
Premiums paid in advance, 
Liability under non-forfeiture clause, 

Liabilities as to policy holders, . 
Deduct liabilities on special deposits, 



Surplus as regards policy holders, . 
Gross liabilities, .... 



1,848 00 



$203,138,047 00 
,575 10 



699,556 38 

371,483 00 

51,311 73 



1,223,926 21 
293,706 51 
315,540 00 



1,971,219 72 

. 5,383,035 68 

$199,588,184 04 
. 29,290,469 14 



$228,878,653 18 



112 



THE MUTUAL LIFE INSURANCE COMPANY. 



Whole life, 
Endowment, 
All other,. 
Reversionary 



Whole life, 
Endowment, 
All other, . 



Whole life, 
Endowment, 
All other, . 



Whole life, 
Endowment, 
All other, . 

Total, 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

.253,156 $721,988,685 00 

. 60,661 150,699,398 00 

207 1,267,313 00 

additions, . - 24,503,461 00 

314,024 $898,458,857 00 

Policies issued during the Tear. 

. 42,042 $104,142,154 00 
. 9,672 19,838,810 00 
320 4,820,839 00 
52,034 128,801,803 00 



Old Policies revived. 

1,524 $3,706,897 00 

210 348,403 00 

6 29,613 00 



1,740 



4,084,913 00 



Old Policies changed and increased. 

11 $1,953,585 00 

1 834,086 00 

5,447 00 



12 



2,793,118 00 



367,810 $1,034,138,691 00 



Policies terminated during the Year. 

Whole life, . . . 33,188 $93,550,420 00 
Endowment, . . . 7,439 16,553,904 00 
All other, .... 408 6,103,456 00 





41,035 


$116,207,780 00 




How terminated. 


By death,. 


3,860 


$12,815,406 00 


maturity, . 


881 


2,536,721 00 


expiry, 


276 


1,294,009 00 


surrender, . 


12,173 


32,408,046 00 


lapse, .... 


23,843 


64,141,163 00 


change and decrease, 


2 


3,012,435 00 



41,035 116,207,780 00 



Policies in Force Dec. 31, 1896. 

Whole life, . . . 263,545 $738,240,901 00 

Endowment, . . . 63,105 155,166,793 00 

All other, .... 125 469,766 00 

Reversionary additions, . - 24,053,451 00 

326,775 



917,930,911 00 



THE MUTUAL LIFE INSURANCE COMPANY. 



113 



Schedule A. 

Securities held as Collateral. 

Market Value. Loaned Thereon. 

Title Guarantee & Trust Co. stock, . . . $ 25,000 00^ 

Long Island Loan & Trust Co. stock, . . 16,400 00 I 

Edison Electric 111. Co. of Brooklyn stock, . 10,000 00 | 

King's County Trust Co. stock, . . . 3,900 00 > $53,000 00 

Consolidated Gas Co. of N. Y. stock, . . 7,016 50 

Pittsburg, Cleveland & Toledo R.R. bonds, . 1,000 00 

St. Louis, Iron Mountain & South. R'y bonds, 740 00 ) 

Brooklyn Union Gas Co. bonds, . . . 78,720 00 ^ 

Chicago, Rock Island & Pacific R'y bonds, . 12,800 00 > 

Chicago, Milwaukee & St. Paul R'y bonds, . 8,975 00 ) 

Rensselaer & Saratoga R.R. stock, . . . 59,734 08^ 

Pittsburg, Ft. Wayne & Chicago R'y stock, . 70,525 00 j 

Merchants' National Bank stock, . . . 73,537 50}* 

Erie R.R bonds, 41,625 00 I 

Northern Pacific R.R. bonds, .... 92,394 00 j 

Louisville & Nashville R.R. bonds, . . . 386,100 00 

Louisville & Nashville R.R. bonds, . . . 386,100 00 

So. & No. Alabama R.R. bonds, . . . 302,380 00? 

Pensacola & Atlantic R.R. bonds, . ' ■ . . 190,000 00 S 

Southwestern R.R. of Georgia stock, . . 24,570 00 -\ 

Duluth & Iron Range R.R. bonds, . . . 63,449 60 i 

Central of Georgia Railway bonds, . . . 97,584 30 ) 

The Broadway Realty Co. bonds, . . . 1,080,000 00 

Consolidated Gas Co. of New York stock, . 35,082 50 ^ 

Clev., Cin , Chicago & St. Louis R'y stock, . 9,900 00 

Boston & New York Air Line stock, . . 10,200 00 

Chicago, Rock Island & Pacific R'y stock, . 6,500 00 

Western Union Telegraph Co. stock, . . 4,150 00 

Clev., Col., Cin. & Ind. R'y bonds, . . . 1,066 50 

Consolidated Gas Co. of New York stock, . 28,066 00^ 

Michigan Central R R. stock, .... 9,167 00 

Albany & Susquehanna R.R stock, . . . 2,040 00 

Boston & New York Air Line stock, . . 612 00 

Western Union Telegraph Co. stock, . . 8,300 00 

West Shore R R. bonds, 12,600 00 

Illinois Central R.R. stock, .... 92,000 00 \ 

Central R.R. of New Jersey stock, . . . 70,000 00 j 

Illinois Central R R. bonds, .... 73,835 00 ( 

Erie R.R. bonds, 11,700 00 ) 

Central R.R. of New Jersey stock, . . . 100,000 00 ) 

Erie R.R. bonds, ...... 23,125 00 I 

Lake Shore & Michigan Southern R'y stock, . 150,000 00^ 

Michigan Central R R. stock, .... 9,167 00 S 

Michigan Central R.R. bonds, .... 33,600 00 ) 



80,525 00 



250,000 00 



300,000 00 
300,000 00 

400,000 00 



150,000 00 
900,000 00 

50,000 00 



}> 50,000 00 



200,000 00 

100,000 00 
150,000 00 



114 



THE MUTUAL LIFE INSURANCE COMPANY. 



Western Union Telegraph Co stock, 

Fairmont, Morganstown & Pitts. R.R. bonds, 

Michigan Central R.R. stock, . 

Lake Shore & Michigan Southern R'y stock, 

Nashville, Chat. & St. Louis R'y stock, . 

Wabash R.R. bonds, . . . 

New York Central & Hudson River R R. stock 

Manhattan Railway stock, 

St. Paul & Duluth R.R. stock, . 

Equitable Gas Light Co. of New York stock, 

Missouri Pacific R'y bonds, 

Lake Shore & Michigan Southern R'y stock, 

Third Avenue R R. stock, .... 

Pullman Palace Car Co. stock, 

Chicago & Northwestern R'} T bonds, 

Michigan Central R R. bonds, . 

Southern Pacific of California bonds, 

Georgia R.R. & Banking Co. stock, 

International Bell Telephone Co. stock, . 

Michigan Central R.R. stock, . 

Canada Southern R'y stock, 

International & Great Northern R.R. bonds, 

New York, Chicago & St. Louis R.R. bonds, 

Lehigh & Wilkesbarre Coal Co. bonds, . 

Tenth & 23d St. Ferry Co., 

New York & East River gas bonds, . 

Delaware, Lackawanna & Western R.R. stock 

Michigan Central R.R. stock, . 

Manhattan Railway stock, 

New York & East River gas bonds, 

Hoboken Ferry Co. bonds, ... 

N. Y., New Haven & Hartford R.R. stock, 

Delaware, Lackawanna & Western R.R. stock 

N. Y., New Haven & Hartford R.R. stock, 

Delaware, Lackawanna & Western R.R. stock 

N. Y , New Haven & Hartford R.R. bonds, 

Bond & Mortgage Guarantee Co. stock, . 

Atlantic Trust Co. stock, . . . 

Manufacturers' National Bank stock, 

First National Bank, Brooklyn, stock, 

Frank Jones Brewing Co. bonds, 

New York Central & Hudson River R.R. stock 

Morris & Essex R.R. stock, 

Chicago, Milwaukee & St. Paul R.R. stock, 

Mo., Kansas & Eastern Railway bonds, . 

Chesapeake & Ohio Railway bonds, 

Texas & Pacific Railway bonds, 

Northern Pacific Terminal Railway bonds, 



Market Val 

|581,000 

200,000 

27,501 

150,000 

14,000 

4,213 
46,000 
44,500 

8,000 
13,300 
10,00.0 
150,000 
16,000 
15,200 
54,915 
11,300 
75,600 

8,114 
10,375 
18,334 

4,500 

9,360 
40,170 
10,300 

9,600 
30,300 
15,600 

9,167 

26,700 

10,100 

970,000 

106,200 

156,000 

70,800 

54,600 

68,000 

15,100 

8,775 

6,750 

12,000 

494,991 

36,800 

16,250 

7,300 
31,850 
14,400 

4,271 
10,400 



Loaned Thereon. 

$775,000 00 



ue. 

00 

00 

00^ 

00 i 

VI }> 150,000 00 

00 i 

20 J 

00 ] 

oo I 

00 } 100,000 00 

oo I 

00 J 
00 

oo t 

00 J- 200,000 00 

00 j 

00 J 

00 50,000 00 

50 5,000 00 

00 5,000 00 

00 > 

00 

00 

00 J. 100,000 00 

00 ' 



50,000 00 

600,000 00 
200,000 00 

150,000 00 

25,000 00 

350,000 00 
50,000 00 

50,000 00 



THE MUTUAL LIFE INSURANCE COMPANY. 



115 



N. Y. Central & Hudson River R.R. stock, 

Delaware & Hudson Canal Co. stock, 

Chicago, Rock Island & Pacific R'y stock, 

Chesapeake & Ohio R.R. bonds, 

Canada Southern Railway bonds, 

Western Union Telegraph Co. bonds, 

Columbus, Hocking Val. & Toledo R'y bonds, 

Lou., New Albany & Chicago Railway bonds, 

Michigan Central R.R. bonds, . 

Cleveland, Cin., Chi. & St. Louis R'y stock, 

Canada Southern Railway stock, 

Brooklyn City R.R. stock, 

Rome, Watertown & Ogdensburg R.R. stock 

Illinois Central R.R. stock, 

Chicago, Rock Island & Pacific R'y stock, 

Farmers' Loan & Trust Co. stock, . 

Wagner Palace Car Co. stock, . 

Columbus, Hocking Val. & Toledo R'y bonds 

Mo., Kansas & Texas Railway bonds, 

Canada Southern Railway bonds, 

Tennessee Coal & Iron Co. bonds, . 

Wagner Palace Car Co stock, . 

Farmers' Loan & Trust Co. stock, . 

Chicago, Rock Island & Pacific R'y stock, 

Canada Southern Railway stock, 

Buffalo & Erie R.R. bonds, 

Canada Southern Railway bonds, 

Escanaba & Lake Superior Railway bonds, 

Detroit, Monroe & Toledo R.R. bonds, 

Lake Shore & Michigan Southern R'y stock, 

Chicago & Northwestern Railway stock, . 

N. Y. Central & Hudson River R.R. stock, 

Lake Erie & Western R.R. stock, 

Rome, Watertown & Ogdensburg R'y stock 

American Telegraph Cable Co. stock, 

Chesapeake & Ohio Railway bonds, 

Central R.R. of N. J. bonds, 

N. Y. Central & Hudson River R.R. stock, 

Lake Shore & Michigan Southern R'y stock, 

Chicago & Northwestern Railway stock, . 

Beech Creek R.R. bonds, .... 

Mil., Lake Shore & Western Railway bonds, 

Western Union Telegraph Co. bonds, 

Burlington, Cedar Rapids & Nor. R'y bonds, 

Chesapeake & Ohio Railway bonds, 

Texas & Pacific Railway bonds, 

Chicago & Erie R.R. bonds, 

Morris & Essex bonds, .... 



Market Value. Loaned Thereon. 

$64,400 00 
11,500 00 



0,500 00 

10,800 00 

5,350 00 

5,250 00 

8,500 00 

11,200 00 J 

66,000 00 

1,500 00^ 

4,500 00 

3,441 60 

1,170 00 

1,564 00 

13,000 00 

6,937 50 

7,800 00 

12,750 00 

810 00 

7,340 00 

3,400 00 J 

9,360 00 >, 

6,937 50 

13,000 00 

4,500 00 [ 

1,046 40 

10,400 00 

10,500 00 

6,000 00 J 

15,000 00 >* 

15,000 00 

9,200 00 

6,800 00 

5,850 00 

1,360 00 

8,400 00 

1,150 00 J 

55,200 00 n 

15,000 00 

5,100 00 

20,600 00 

1,300 00 

10,825 00 

6,300 00 

8,520 00 

34,168 00 

27,250 00 

13,800 00 



y $100,000 oo 



50,000 00 



}• 50,000 00 



50,000 00 



}> 50,000 00 



}> 100,000 00 



50,000 00 
6,000 00 



116 



THE MUTUAL LIFE INSURANCE COMPANY. 



Richmond & Danville R.R. bonds, . 

Chicago & Eastern Illinois R.R. bonds, 

Chesa. & Ohio Railway bonds, 

Jackson Count} 7 , Mo., bonds, 

Wilson County, Kan., bonds, 

Shawnee County, Kan., bonds, 

Cloud County, Kan., bonds, 

Coffey County, Kan., bonds, 

Sheridan Township, Kan., bonds, 

Ottawa County, Kan., bonds, . 

Toledo, Peoria & Western Railway bonds, 

Chicago, Burlington & Quincy R.R. bonds, 

Milwaukee & St. Paul Railway bonds, . 

Chicago, Milwaukee & St. Paul R'y bonds, 

Atchison, Topeka & Santa Fe R'y bonds, 

State of Virginia bonds, . 

Central R.R. of New Jersey stock, . 

Delaware, Lackawanna & Western R.R. stock 

Central R.R. of New Jersey stock, . 

Delaware, Lackawanna & Western R.R. stock 

Spring Brook Water Supply bonds, . 

Brooklj-n Trust Co. stock, 

Title Guarantee & Trust Co. stock, . 

Central Trust Co. stock, .... 

Franklin Trust Co. stock, .... 

Rensselaer & Saratoga R.R. stock, . 

Clew, Cin., Chicago & St. Louis R'y stock, 

Chicago, Milwaukee & St. Paul R'y stock, 

Northern Pacific Railway bonds, 

Central Trust Co. stock, . 

Standard Oil Trust stock, . 

Troy City Railway bonds, 

First National Bank, N. Y., stock, 

Central R.R. of New Jersey stock, 

Chicago, Milwaukee & St. Paul R'y stock, 

Minneapolis & St. Louis R.R. stock, 

Bank of New York stock, 

Atchison, Topeka & Santa Fe bonds, 

Houston & Texas Central R.R. bonds, 

Mobile & Ohio R.R. bonds, 

Georgia R.R. & Banking Co. stock, . 

Syracuse Gas Co. bonds, . 

Savannah, Florida & Western R'y bonds, 

Northern Railway of California bonds, 

Southern Pacific of California bonds, 

Southern Pacific of N. M. bonds, 

Southern Pacific of Arizona bonds, . 

San Antonio & Aransas Pass Railway bonds, 



Market Value. 

$91,970 00 
15,000 00 
14,400 00 
5,150 00 >! 
3,240 00 
2,040 00 
8,800 00 } 
4,320 00 
1,000 00 
7,840 00 J 
10,500 00 
29,140 00 
14,080 00 
2,470 00 
1,580 00 
5,452 20 J 
200,000 00 ) 
117,000 00 S 
300,000 00> 
195,000 00 
99,000 00 J 
19,767 50 ) 
12,500 00 S 
100,025 00 I 
16,125 00 S 
17,778 00 >| 



Loaned Thereon. 

$100,000 00 



15,000 00 ! 



58,400 00 . 

32,509 00 ) 
200,050 00 
125,000 00 
105,000 00 
750,000 00 
300,000 00 

14,600 00 s ! 
7,300 00 
5,750 00 

11,850 00 

14,000 00 J 
6,700 00 J 

89,259 50 
133,650 00 
134,400 00 
270,000 00 s 
180,000 00 J 
150,000 00 )- 

90,000 00 

35,750 00 J 



27,000 00 



}> 50,000 00 

250,000 00 

500,000 00 

25,000 00 
90,000 00 



)■ 100,000 00 



245,000 00 
300,000 00 

J. 50,000 00 



30,000 00 
100,000 00 
100,000 00 



500,000 00 



THE MUTUAL LIFE INSURANCE COMPANY. 



117 



Chicago, Milwaukee & St. Paul R'y stock, 

Rensselaer & Saratoga R.R. stock, . 

Delaware & Hudson Canal Co. stock, 

New York & New England R.R. bonds, 

Northern R'y of Cal. bonds, 

Southern Pacific of Cal. bonds, 

Southern Pacific of N. M. bonds, 

Southern Pacific of Ariz, bonds, 

San Antonio & Aransas Pass R'y bonds, 

Lake Shore & Mich. So. Railway stock, 

Chicago & North west'n Railway stock, 

Del., Lackawanna & West. R.R. stock, 

Erie R.R. bonds, .... 

Duluth, So. Shore & Atlantic Railway bonds, 

New York City bonds, 

Chesa. & Ohio Railway bonds, 

N. Y., Ontario & Western Railway bonds, 

Pittsburg & Connellsville bonds, 

Wabash R.R. bonds, . 

Newport & Cin. Bridge bonds, 

Pitts., Cin., Chi. & St. L. R.R. bonds, 

Lake Erie & West. R.R. stock, . 

Wagner Palace Car Co. stock, . 

Lake Shore & Mich. So. Railway bonds, 

Mil., Lake Shore & West. Railway bonds, 

Warren R.R. bonds, .... 

Chicago & Northwestern Railway bonds, 

Chicago & Eastern 111. R.R. bonds, . 

Del. & Hudson. Canal Co. bonds, 

Duluth & Manitoba R.R. bonds, 

Erie R.R. bonds, .... 

Warren R R. bonds, .... 

Mobile & Ohio R.R. bonds, 

Met. West Side Elev. bonds, . 

Morris & Essex R.R. stock, 

Chi , Mil. & St. Paul R'y stock, 

Chi., June. & Union Stock Yds. bonds, 

Cen. R.R. of New Jersey bonds, 

Michigan Central R.R. bonds, . 

Chi. Gas Light & Coke Co. bonds, . 

Hoboken, N. J., bonds, 

Consumers 1 Gas Co. of Chicago bonds, 

Morris & Essex R,R. bonds, 

Central of Georgia bonds, 

Erie R.R. bonds, .... 

Wabash R.R. bonds, . . 

Chi. & Northwestern Railway bonds, 

Albany & Susquehanna R.R. bonds, 



Market Value. 

$80,300 00 

17,778 00 

11,500 00 

17,625 00 

315,000 00 

180,000 00 

100,000 00 

90,000 00 

35,750 00 

75,000 00 

60,000 00 

62,400 00 

41,625 00 

25,250 00 

428,750 00 

77,040 00 

4,400 00 

44,000 00 

35,000 00 

104,860 00 

30,040 00 

6,800 00 
15,600 00 
11,000 00 
12,328 80 

5,600 00 
11,400 00 

8,000 00 
11,200 00 

5,670 00 
15,216 30 
11,200 00 

3,350 00 

5,500 00 

162,500 00 

13,000 00 

5,250 00 

5,750 00 
45,200 00 

4,500 00 
10,200 00 

8,300 00 
24,660 00 
28,745 60 
24,899 40 
10,533 00 
11,400 00 
18,000 00 



Loaned Thereon. 

) 

)■ $100,000 00 

J 

] 

j> 500,000 00 

J 

I 100,000 00 

> 100,000 00 

> 600,000 00 



> 50,000 00 



> 50,000 00 



} 300,000 00 



118 



THE MUTUAL LIFE INSURANCE COMPANY. 



Manhattan Storage & Warehouse Co. stock, 
Jeff. & Clearfield Coal & Iron Co. bonds, 
Buff., Rochester & Pitts. R'y bonds, . 
Manhattan Storage & Warehouse Co. stock, 
Clearfield & Mahoning R'y Co. stock, 
42d St., Man. & St. Nich. Ave. R.R. bonds, 
Lehigh Valley Terminal bonds, 
Burl., Cedar Rapids & Nor. R.R. bonds, . 
Rome, Watertown & Qgdens. R.R. bonds, 
Cin. & Springfield R R. bonds,. 
West Virginia & Pitts. R.R. bonds, . 
Chic, Burl. & Northern R.R. bonds, 



300,000 00 



Market Value. Loaned Thereon. 

i200,000 00 \ 
92,920 00 i |200,000 00 
95,000 00 ) 
100,000 00 
300,000 00 

5,600 00^ 

2,200 00 I 

3,060 00 

8,120 00 I 25,000 00 

5,516 00 | 

3,750 00 I 

5,000 00 J 



$15,185,291 98 $11,091,525 



Schedule B. 

Stocks and Bonds owned by the Company. 

Book Value. Market Value. 

American Exchange National Bank stock, . $258,371 53 $284,714 96 

Albany & Susquehanna R.R. Co. stock, . . 30,341 70 35,360 00 

Atlantic Trust Company stock, . . . 175,500 00 175,500 00 

Bank of America stock, 31,89111 31,89111 

Bank of New Amsterdam stock, . . . 9,637 50 9,637 50 

Bond & Mortgage Guarantee Company stock, 14,671 17 18,271 00 

Brooklyn City R.R. stock, . . . . 750,035 13 860,400 00 

Brooklyn Trust Company stock, . . . 262,509 85 262,509 85 

Central Trust Company stock, . . . 1,116,284 89 1,116,284 89 

Chicago & Northwestern R.R. stock, . . 626,803 00 675,000 00 

Chicago, Milwaukee & St Paul R.R. stock, . 1,233,875 58 1,324,090 00 

Cleveland & Pittsburgh R.R. stock, . . . 299,462 78 318,006 00 

Connecticut River R.R. stock, .... 493,000 00 493,000 00 

Consolidated Gas Company stock, . . . 380,956 94 350,825 00 

Georgia Railroad & Banking Company stock, 194,532 20 162,290 00 

Guaranty Trust Company stock, . ' . . 1,200,181 33 3,389,040 00 

Lawyers' Title Insurance Company stock, . 60,761 31 61,614 80 

Massawippi Valley R.R. stock, . . . 35,000 00 35,728 00 

Michigan Central R.R. stock, .... 96,377 78 91,670 00 

Morris & Essex R.R. stock, .... 392,36476 406,25000 

National Bank of Commerce stock, . . 242,765 54 259,400 00 

National Safe Deposit Company stock, . . 108,815 63 108,815 63 

National Union Bank stock, .... 397,691 25 685,000 00 

New York & Harlem R R. stock, ... . 892,929 45 1,305,968 75 

New York, New Haven & Hart. R.R. stock, . 1,712,231 56 1,770,000 00 

Pennsylvania R.R. stock, . .... 661,08583 632,93040 

Pittsburg, Ft. Wayne & Chicago R.R. stock, . 498,825 28 503,750 00 

Pitts., McKeesp't & Youghiogheny R.R. stock, 304,475 00 312,500 00 

Rensselaer & Saratoga R.R. stock, . . . 1,422,222 22 1,422,222 22 

Sixth Avenue R.R. stock, .... 164,000 00 1 90,000 00 



THE MUTUAL LIFE INSURANCE COMPANY. 



119 



Title Guarantee & Trust Co. stock, . 

United New Jersey R.R. & Canal Co. stock, 

United States Mortgage & Trust Co. stock, 

United States government bonds, 

Austrian government rentes, . 

British government consols, 

Cape of Good Hope government consols, 

Canadian government bonds, . 

Italian government rentes, 

Prussian government consols, . 

Tasmanian government stock, . 

Transvaal government bonds, . 

South Australian government bonds, 

Victorian government bonds, . 

Arizona Territory bonds, . 

Georgia bonds, .... 

Minnesota bonds, 

Province of New Brunswick bonds, 

Province of Nova Scotia bonds, 

Tennessee bonds, 

Virginia bonds, .... 

Atchison County, Kansas, bonds, 

Bexar County, Texas, bonds, . 

Butler County, Ohio, bonds, 

Cascade County, Montana, bonds, 

Chatham County, Georgia, bonds, 

Douglas County, Nebraska, bonds, 

Franklin County, Kentucky, bonds, 

Franklin County, Ohio, bonds, . 

Hamilton County, Tennessee, bonds, 

Hancock County, Ohio, bonds, . 

Hennepin County, Minnesota, bonds, 

Hudson County, New Jersey, bonds, 

Kent County, Michigan, bonds, 

Lucas County, Ohio, bonds, 

Lewis and Clarke County, Montana, bonds, 

McCracken County, Ky., bonds, 

McLennan County, Tex., bonds, 

Montgomery County, Iowa, bonds, 

Otter Tail County, Minn., bonds, 

Owen County, Ky., bonds, 

Ramsey County, Minn., bonds, 

Sedgwick County, Kan., bonds, 

Silver Bow County, Mon., bonds, 

Vanderburgh County, Ind., bonds, 

Wells County, Ind., bonds, 

Woodbury County, Iowa, bonds, 

Atlanta, Ga., bonds, . 



Book Value. 

M,157,294 69 

60,408 78 

1,312,500 00 

2,323,104 00 

602,445 17 

99,422 81 

48,987 33 

154,440 00 

438,669 27 

663,174 11 

24,350 00 

49,508 42 

25,567 50 

24,250 00 

15,033 00 

185,380 60 

100,160 00 

219,220 75 

409,687 50 

796,400 00 

605,800 00 

123,274 00 

50,285 00 

45,436 00 

67,897 60 

62,228 10 

59,426 80 

62,148 80 

142,817 20 

206,480 00 

7,019 95 

201,600 00 

1,096,965 00 

50,186 00 

9,075 90 

202,247 00 

210,179 70 

74,263 00 

25,000 00 

50,260 80 

100,000 00 

304,625 00 

255,980 00 

60,062 00 

103,920 00 

115,849 90 

125,000 00 

567,774 00 



Market Value. 

$1,290,500 00 

64,390 00 

1,837,500 00 

2,369,875 00 

602,445 17 

107,627 00 

55,031 00 

154,440 00 

472,092 67 

688,847 80 

24,350 00 

53,083 00 

25,567 50 

24,350 00 

15,033 00 

200,830 20 

101,160 00 

219,560 00 

409,687 50 

796,400 00 

605,800 00 

119,160 00 

50,000 00 

45,436 00 

67,897 60 

62,228 10 

61,654 00 

62,148 80 

143,102 00 

209,620 00 

7,033 95 

211,020 00 

1,131,873 50 

50,372 00 

9,075 90 

202,247 00 

210,179 70 

74,263 00 

25,000 00 

50,260 80 

100,000 00 

319,150 00 

254,405 00 

60,062 00 

108,160 00 

117,258 20 

125,000 00 

616,950 00 



120 



THE MUTUAL LIFE INSUKANCE COMPANY. 



Augusta, Ga., bonds, 

Brooklyn, N. Y., bonds, . 

Cedar Rapids, Iowa, bonds, 

Colorado Springs, Col., bonds, 

Council Bluffs, Iowa, bonds, 

Duluth, Minn., bonds, 

East Orange, N. J., bonds, 

East Tacoraa, Wash., bonds, 

Elizabeth, N. J., bonds, 

Evansville, Ind., bonds, 

Fort Worth, Tex., bonds, 

Galveston, Tex., bonds, 

Guelph, Canada, bonds, 

Helena, Mont., bonds, 

Hyde Park, 111., bonds, 

Jackson, Mich., bonds, 

Jersey City, N. J , bonds, 

Joliet, 111., bonds, 

Kansas City, Kan , bonds, 

Lake, 111., bonds, 

Lincoln, Neb., bonds, 

Louisville, Ky., bonds, 

Memphis, Tenn., bonds, 

Montclair, N. J., bonds, 

Montreal, Can., bonds, 

Nashville, Tenn, bonds, 

Newark, N. J., bonds, 

Omaha, Neb , bonds, . 

Orange, N. J., bonds, 

Ottawa, Can., bonds, . 

Portland, Ore., bonds, 

Richmond, Va., bonds, 

St. Paul, Minn., bonds, 

Salt Lake City, Utah, bonds 

San Antonia, Tex., bonds, 

San Francisco, Cal., bonds, 

Seattle, Wash., bonds, 

Spokane, Wash., bonds, 

Spokane Falls, Wash., bonds, . 

Stamford, Conn , bonds, . 

Stillwater, Minn., bonds, . 

Toronto, Can., bonds, 

Waco, Tex , bonds, . 

Yonkers, N. Y., bonds, 

Albany & Susquehanna R.R. bonds, 

Ashtabula & Pittsburg R.R. bonds, 

Atlanta & Charlotte Air Line R.R bonds, 

Atlantic & Gulf R.R. bonds, . 



Book Value. 

$187,091 40 

461,289 50 

45,634 50 

61,980 00 

78,414 50 

51,670 00 

16,000 00 

102,480 00 

376,279 60 

442,800 00 

45,495 00 

324,255 80 

131,414 32 

100,320 00 

52,250 00 

67,099 50 

1,280,353 71 

50,980 00 

104.509 20 
40,138 00 
98,950 00 

113,940 00 
870,467 70 

25,450 00 
576,745 00 
373,067 00 
1,981,200 00 
217,869 50 
379,000 00 

41,952 00 
643,858 00 

10,867 04 
387,667 50 
255,825 00 
100,395 00 

93,290 40 
515,620 00 
587,460 00 

108.510 00 
50,000 00 
30,824 00 

460,735 50 

30,222 00 

44,000 00 

71,500 00 

89,561 70 

446,488 00 

544,228 30 



Market Value. 

$189,354 20 

453,161 00 

45,355 50 

62,886 00 

78,972 50 

52,930 00 

16,465 60 

102,480 00 

376,279 60 

466,440 00 

45,000 00 

333,000 00 

135,933 48 

100,320 00 

53,025 00 

70,089 50 

1,351,756 00 

52,910 00 

102,000 00 

40,560 00 

100,000 00 

113,940 00 

875,896 20 

25,625 00 

590,084 96 

407,377 00 

2,167,200 00 

225,365 00 

400,013 70 

43,496 00 

648,788 00 

10,819 10 

416,687 50 

255,825 00 

100,000 00 

97,183 80 

500,000 00 

630,000 00 

108,510 00 

50,000 00 

31,605 50 

461,547 00 

30,000 00 

44,110 00 

71,500 00 

91,870 20 

453,112 80 

544,228 30 



THE MUTUAL LIFE INSURANCE COMPANY. 



121 



Baltimore & Ohio R.R. bonds, . 
Bangor & Aroostook R.R. bonds, 
Bleecker Street & Fulton Ferry R.R. bonds, 
Broadway & Seventh Avenue R.R. bonds, 
Brooklyn, Queen's Co. & Suburban R.R. bonds. 
Buffalo & Erie R.R. bonds, . . . . 
Burlington & Missouri River R.R. bonds, 
Cedar Rapids, Iowa Falls & N'thw'n R.R. b'ds 
Central of Georgia Railway bonds, . 
Central Park, North & East River R.R. bonds 
Charlotte, Columbia & Augusta R.R. bonds, 
Chateaugay Railway bonds, 
Chicago & Eastern Illinois R.R. bonds, . 
Chicago & Indiana Coal Railway bonds, . 
Chicago & Northwestern R.R. bonds, 
Chicago & St. Louis R.R. bonds, 
Chicago & Southwestern R.R. bonds, 
Chicago, Burlington & Quincy R.R. bonds, 
Chicago, Milwaukee & Northwestern R'y b'ds 
Chicago, Milwaukee & St. Paul R.R. bonds, 
Chicago, St. Louis & New Orleans R.R. bonds 
Chicago, St. Paul, Minn. & Omaha R.R b'ds, 
Cincinnati & Springfield R.R. bonds, 
Cincinnati, Hamilton & Dayton R.R. bonds, 
Cin., Ind., St. Louis & Chicago R.R. bonds, 
Cin., Sandusky & Cleveland R.R. bonds, . 
Clev., Cin., Chicago & St. Louis R.R. bonds, 
Clev., Col., Cin. & Indianapolis R.R. bonds, 
Cleveland, Lorain & Wheeling R.R. bonds, 
Clev., Tuscarawas Yal. & Wheeling R.R. b'ds, 
Columbia & Greenville R.R. bonds,. 
Columbus & Hocking Valley R R. bonds, 
Columbus & Indianapolis Central R.R. bonds 
Columbus & Toledo R.R. bonds, 
Columbus Connecting & Terminal R.R. bonds 
Columbus Consolidated Street R.R. bonds, 
Dakota Central R.R. bonds, 
Duluth & Iron Range R.R. bonds, . 
Duluth & Manitoba R.R. bonds, 
Eastern Railway of Minnesota bonds, 
East Tennessee, Virginia & Georgia R.R. b'ds, 
Elmira, Cortland & Northern R.R, bonds, 

Erie R.R. bonds, 

Erie Railway bonds, ..... 
Evansville & Terre Haute R.R. bonds, . 
Fargo Southern Railway bonds, 
Flint & Pere Marquette R.R. bonds, 
Florida Central & Peninsular R.R bonds, 



Book Value. 

§ 107,850 00 
440,000 00 
57,794 00 
1,867,200 00 
541,017 50 
49,387 20 
539,021 20 
153,949 60 
3,310,166 00 
109,920 00 
286,916 60 
216,280 00 
51,130 00 
99,000 00 
3,013,292 94 
95,967 40 
202,444 80 
1,934,305 00 
54,465 00 
2,141,868 10 
62,433 50 
531,000 00 
277,939 20 
367,976 00 
376,241 60 
518,550 00 
445,000 00 
341,068 30 
234,100 00 
222,267 00 
174,127 20 
20,268 00 
33,886 10 
218,880 00 
57,405 60 
157,669 60 
737,679 00 
342,600 00 
81,000 00 
544,390 00 
238,018 20' 
147,180 00 
445,963 24 
370,048 00 
283,950 00 
236,478 50 
617,705 00 
71,122 50 



Market Value. 

$107,850 00 
440,000 00 
58,817 00 
2,310,000 00 
575,000 00 
49,387 20 
539,021 20 
153,949 60 
3,657,445 00 
111,490 00 
290,850 00 
225,040 00 
55,000 00 
95,000 00 
3,134,800 00 
95,967 40 
204,633 60 
1,901,940 00 
55,035 00 
2,365,380 00 
62,433 50 
630,000 00 
290,392 20 
389,249 00 
376,320 00 
518,550 00 
450,000 00 
384,398 40 
243,750 00 
223,944 00 
172,380 00 
20,268 00 
35,845 30 
223,940 00 
59,850 00 
164,000 00 
770,730 00 
342,600 00 
81,000 00 
555,500 00 
242,980 00 
172,500 00 
461,575 00 
401,200 00 
262,500 00 
255,656 50 
617,705 00 
75,000 00 



122 



THE MUTUAL LIFE INSURANCE COMPANY. 



Fremont, Elk Horn & Mo. Val. R.R. bonds, 

Galveston, Harrisb'h & San Ant. R.R. bonds, 

Georgia Pacific R.R. bonds, 

Georgia R.R. & Banking Company bonds, 

Grand Rapids, Lansing & Detroit R.R. bonds 

Hannibal & St. Joseph R.R. bonds, . 

Illinois Central R.R. bonds, 

Indiana, Bloomington & Western R.R. bonds 

Indianapolis & St. Louis R.R. bonds, 

Indiana, Decatur & Western R.R. bonds, 

Jamaica & Brooklyn Road Company bonds, 

Jeffersonville, Madison & Ind. R.R. bonds. 

Kan City, St. Jos. & Council Bluffs R.R. b'ds. 

Lake Erie & Western R.R. bonds, . 

Lake Shore & Michigan Southern R.R. bonds 

Lexington Ave. & Pavonia Ferry R.R. bonds, 

Louisville & Nashville R.R. bonds, . 

Memphis & Charleston R.R. bonds, 

Metropolitan Elevated R.R. bonds, . 

Metropolitan Street Railway bonds, 

Michigan Central R.R. bonds, . 

Milwaukee & Northern R.R. bonds, 

Milwaukee City R.R. bonds, 

Milwaukee, Lake Shore & Western R.R. b'ds, 

Minneapolis & St. Louis R.R. bonds, 

Minneapolis Street Railway bonds, 

Mobile & Ohio R.R. bonds, 

Morgan's Louisiana & Texas R R. bonds, 

Nashville & Decatur R.R. bonds, 

Nashville, Chatt. & St. Louis R.R. bonds, 

New York & Canada R.R. bonds, 

New York & New England R R. bonds, . 

N. Y., New Haven & Hartford R.R. bonds, 

Northern Pacific R.R. bonds, 

Ocean Steamship Company bonds, . 

Ohio & Mississippi R.R. bonds, 

Oswego & Rome R.R. bonds, . . . > 

Pittsburg & Western R.R. bonds, 

Pittsburg Junction R.R. bonds, 

Pitts., Painesville & Fairport R.R. bonds, 

Richmond & Danville R.R. bonds, . 

Richmond, York River & Chesa. R.R bonds, 

Rutland RR. bonds, . . 

St. Paul & Duluth R.R. bonds, 

St. Paul & Northern Pacific R.R. bonds, . 

St. Paul City Railway bonds, . 

San Antonio & Aransas Pass R.R. bonds, 

Seaboard & Roanoke R.R. bonds, 



Book Value. 

$313,638 00 
145,684 80 
126,806 40 
444,797 40 
244,275 00 
664,920 00 

1,000,000 00 
130,475 00 
444,880 00 
200,057 20 
92,625 00 
77,113 10 
502,780 00 
250,000 00 

1,077,700 00 
510,000 00 
278,991 00 
305,370 00 
84,292 50 
497,000 00 
571,680 00 
783,250 10 
61,888 40 
219,339 83 
199,543 20 
188,910 90 
205,420 50 
264,000 00 
126,020 07 
338,324 00 
450,000 00 
355,680 00 

1,200,998 30 
855,500 00 
493,308 40 
279,699 20 
107,890 00 
409,550 00 
400,000 00 
115,132 60 
662,108 34 
613,497 00 
538,860 00 
105,280 00 
261,328 90 
295,722 90 
200,200 00 
401,880 00 



Market Value. 

$325,000 00 
137,350 00 
124,320 00 
452,092 60 
137,500 00 
690,000 00 

1,000,000 00 
133,675 00 
491,800 00 
191,100 00 
92,625 00 
80,230 00 
535,815 00 
280,000 00 

1,170,000 00 
570,000 00 
278,991 00 
315,000 00 
87,000 00 
497,000 00 
600,000 00 
821,895 00 
63,240 00 
245,800 00 
218,685 00 
195,572 10 
221,560 00 
300,000 00 
126,371 70 
373,605 00 
450,000 00 
352,500 00 

1,350,000 00 
855,500 00 
494,000 00 
279,699 20 
106,190 00 
362,500 00 
473,480 00 
88,500 00 
684,000 00 
577,647 00 
501,500 00 
105,280 00 
272,400 00 
326,878 20 
143,000 00 
350,000 00 



THE MUTUAL LIFE INSURANCE COMPANY. 



123 



South Carolina & Georgia R.R. bonds, 

Southern Boulevard R.R. bonds, 

South Georgia & Florida R.R. bonds, 

South Side of Virginia R.R. bonds, . 

Syracuse, Binghamton & N. Y. R.R. bonds, 

Terminal R.R. Association of St. Louis bonds 

Texas & New Orleans R.R. bonds, . 

Texas & Pacific R.R. bonds, 

Union Railway of New York bonds, 

United Traction & Electric Co. bonds, 

Utah & Northern R.R. bonds, . 

Virginia & Tennessee R.R. bonds, . 

Virginia Midland R.R. bonds, . 

Wabash R.R. bonds, .... 

Western R.R. of Alabama bonds, . 

Wheeling & Lake Erie R.R. bonds, . 

Brooklyn & New York Ferry Co. bonds, 

Brooklyn Union Gas Co. bonds, 

Brooklyn Wharf & Warehouse Co. bonds, 

Campbell & Co. bonds, 

Dnluth Union Depot Co. bonds, 

Elmira Municipal Improvement Co. bonds, 

Equitable Gas Light Co., New York, bonds, 

Fort St. Union Depot of Detroit bonds, . 

Jeffersonville & Clearfield C. & I. Co. bonds, 

Laclede Gas Light Co. bonds, . 

Long Branch Water Supply Co. bonds, 

Metropolitan Opera & Real Estate Co. bonds 

Minneapolis Gas Light Co. bonds, . 

Morris Aqueduct bonds, . 

Municipal Gas Co. bonds, 

New York & East River Gas Co. bonds, 

Philadelphia Bourse bonds, 

Sharon Estate Co. bonds, . 

United States Mortgage & Trust Co. bonds, 

Western Union Telegraph Co. bonds, 



Book Value. 

$436,079 40 

245,075 00 

107,689 10 

43,148 50 

263,727 80 

264,789 60 

655,015 20 

92,234 86 

403,487 50 

237,975 00 

531,755 30 

130,056 60 

258,700 00 

2,042,650 37 

1,546,857 50 

236,350 00 

68,004 00 

1,093,365 00 

2,879,861 11 

26,135 00 

308,490 00 

127,294 33 

1,034,800 00 

51,170 00 

450,400 00 

897,200 00 

101,170 00 

861,475 00 

206,020 00 

65,000 00 

26,819 11 

247,500 00 

282,425 00 

1,200,000 00 

2,422,200 00 

1,148,380 00 



Market Value. 

$430,200 00 

245,075 00 

107,914 60 

43,317 00 

295,191 40 

262,880 00 

655,015 20 

85,000 00 

400,000 00 

237,500 00 

543,151 10 

129,249 60 

275,000 00 

2,090,000 00 

1,546,857 50 

236,350 00 

68,004 00 

1,093,365 00 

2,879,861 11 

26,135 00 

308,490 00 

102,000 00 

1,068,900 00 

51,170 00 

462,500 00 

920,000 00 

101,170 00 

873,205 00 

206,020 00 

65,000 00 

27,000 00 

252,500 00 

282,425 00 

1,200,000 00 

2,428,850 00 

1,157,080 00 



|103,449 s 194 87 1110,125,082 15 



124 THE MUTUAL BENEFIT LIFE INSURANCE COMPANY. 



"THE MUTUAL BENEFIT LIFE INSURANCE COMPANY," 

NEWARK, N. J. 

[Incorporated Jan. 31, 1845. Commenced business April, 1845.] 

Amzi Dodd, President. Edward L. Dobbins, Secretary. 

Income. 

Received for premiums on new policies, . . . . . $921,708 26 

Received for renewal premiums, . . . . . . 5,579,602 65 

Dividends applied to pay running premiums, .... 1,076,093 92 

Dividends applied to purchase paid-up additions and annuities, 279,954 11 

Surrender values applied to pay running premiums, . , . 11,873 13 
Surrender values applied to purchase paid-up insurance and 

annuities, 279,625 14 

Received for annuities, 41,059 98 



Total premium income, .... 

Received for interest, ..... 
as discount on claims paid in advance, 
for rents of company's property, 

Premium notes or loans restored, 

Total income, 

Net or ledger assets Dec. 31, 1895, . 



Total, . 



^8,189,917 19 

2,946,337 51 

1,618 23 

77,932 92 

8,112 11 

$11,223,917 96 

. 55,935,388 60 

$67,159,306 56 



Disbursements. 

Paid for losses and additions, 

for matured endowments and additions, . 

on matured instalment policies, .... 

Gross amount paid for losses and endowments, 

Paid to annuitants, 

Premium notes or loans voided by lapse, 

Cash dividends paid policy holders, .... 

applied to pay running premiums, . 
applied to purchase paid-up additions and 
annuities, ...... 

Surrender values paid in cash, ..... 

applied to pay running premiums, 
applied to purchase paid-up insurance and 
annuities, 

Total paid policy holders, 

Cash paid for commissions and bonuses to agents (new poll 
cies, $407,428.65 ; renewals, $390,311.39), . 
for salaries and allowances to managers and agents 
for medical examiner's fees, .... 
for salaries of officers and home office employees, 



$3,567,642 83 

276,567 38 

6,150 00 

$3,850,360 21 

39,890 47 

31,793 07 

257,446 84 

1,076,093 92 

279,954 11 

1,239,424 30 

11,873 13 

279,625 14 
$7,066,461 19 

797,740 04 
21,735 01 
87,933 81 

191,549 59 



THE MUTUAL BENEFIT LIFE INSURANCE COMPANY. 125 



Cash paid for taxes on premiums, 

for taxes on investments, f 109,780 . 47 ; on reserves, 
|14,831.06, 

for taxes on real estate, . 

for fees, licenses, etc., 

for advertising-, printing and postage, 

for legal expenses, .... 

for real estate expenses (except taxes), 

for loss on sales of property, . 

for incidentals, .... 

Premiums on bonds purchased, 
On account of depreciation, .... 



,023 82 



Total disbursements, 



Balance, 



124,611 53 
29,871 15 
12,897 20 
54,134 38 
17,843 59 
26,861 97 
18,382 20 
51,986 86 
6,070 00 

170,000 00 

58,773,102 34 
$58,386,204 22 



Invested in the following : — 

Assets as per Ledger Accounts 

Yalue of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral 

Premium notes or loans on policies in force, . 

Par value of bonds owned (schedule B), 

Cash in company's office, . 

Cash deposited in bank, . 

Agents' debit balances, 



Total, 

Deduct agents' credit balances, 

Total net or ledger assets, as per balance, 

Other Assets. 
Interest due and accrued, ..... 
Market value of bonds over par, 



$2,044,366 25 

33,546,132 11 

1,994,700 00 

4,074,313 61 

4,482,157 35 

11,561,817 78 

61,247 67 

614,168 20 

11,124 91 

$58,390,027 88 

3,823 66 

$58,386,204 22 



1,219,004 69 
379,699 73 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, ..... 

Total, ..... 
Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. Renewals. 

$93,584 59 $245,715 90 
80,289 66 468,999 15 



$173,874 25 
34,774 85 



1714,715 05 
142,943 01 



$139,099 40 $571,772 04 



Total assets, per company's books, . 



710,871 44 
$60,695,780 08 



126 THE MUTUAL BENEFIT LIFE INSURANCE COMPANY. 



Agents' debit balances, 
Total admitted assets, 



Items not admitted. 



,124 91 



,684,655 17 



Liabilities. 
Computed premium reserve or net present value of all out- 



standing policies (actuaries' 4 per cent.), 
Present value of unpaid instalments, 
Matured endowments due and unpaid, 
Death losses in process of adjustment, 
Claims resisted by the company, . . . 

Total policy claims, 

Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, .... 
Due for taxes, fees, salaries, expenses, etc., 

Liabilities as to policy holders, . 
Surplus as regards policy holders, . . . 

Gross liabilities, ...... 



155,616,649 00 
16,261 70 



$20,194 00 

340,632 68 

32,500 00 



393,326 68 

350,620 63 

16,806 86 

20,000 00 

$56,413,664 87 

4,270,990 30 

,684,655 17 



Premium Note Account. 

. $4,406,146 15 



Premium notes on hand Dec. 31, 1895, 

received during 1896 (new 
policies, $71,009.64 ; old poli- 
cies, $619,227.43), 
restored by revival of policies, 
Total, ....... 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, 
Voided by lapse, ..... 

Used in payment of dividends to policy holders 
Redeemed by maker in cash, . 

Total, 

Balance note assets Dec. 31, 1896, 



690,237 07 
8,112 11 

$149,382 39 

185,455 30 

31,793 07 

9,919 07 

245,788 15 



i,104,495 33 



622,337 98 
:,482,157 35 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



Exhibit of Policies. 
Policies and Additions in Force Bee. 31, 1895. 

Number. Amount. Total No. Total Amount. 

. 60,957 $159,050,938 00 

. 18,716 44,393,948 00 

. . 5,243 12,732,773 00 

2,096,859 00 



84,916 $218,274,518 00 



THE MUTUAL BENEFIT LIFE INSURANCE COMPANY. 127 





Policies issued during the Year. 






Number. Amount. Total No. 


Total Amount. 


Whole life, 


. 9,107 $21,257,829 00 




Endowment, 


. 2,402 5,304,205 00 




All other, . 


. 1,334 3,130,877 00 






12,843 


$29,692,911 00 



Whole life, 
Endowment, 
All other, . 



Old Policies revived. 



58 


$176,933 00 


28 


73,500 00 


1 


2,000 00 



87 



252,433 00 



Whole life, 
Endowment, 

Additions by dividends, 



Old Policies increased. 



13 
17 



$44,240 00 
24.487 00 



30 



68,727 00 
555,562 00 



Total,. 97,876 $248,844,151 00 



Whole life, 
Endowment, 
All other, . 



Policies terminated during the Year. 
. 6,601 $16,249,159 00 



2,003 
1,293 



4,427,506 00 
3,611,318 00 



9,897 $24,287,983 00 



How terminated. 



By death, . 
maturity, 
expiry, . 
surrender, 
lapse, . 

Not taken, . 



1,266 


$3,603,239 00 


151 


275,087 00 


1,078 


2,964,470 00 


3,299 


8,391,733 00 


2,235 


4,818,669 00 


1,868 


4,234,785 00 



9,897 24,287,983 00 



Policies in Force Dec. 31, 1896. 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



63,534 $164,280,781 00 

19,160 45,368,634 00 

5,285 12,391,137 00 

2,515,616 00 



87,979 224,556,168 00 



128 THE MUTUAL BENEFIT LIFE INSURANCE COMPANY. 



Schedule A. 

Securities held as Collateral. 



s, 



s, 



Essex County National Bank, Newark, stock, 

Newark City National Bank, Newark, stock, 

National New*ark Banking Co., Newark, stock 

Second National Bank, Newark, stock, , 

National State Bank, Newark, stock, 

Manufacturers' National Bank, Newark, stock 

Merchants' National Bank, Newark, stock, 

American Insurance Company, Newark, scrip 

Newark Gas Company bonds, . 

Morris & Essex R.R. Co. bonds, 

Western Union Telegraph Co. stock, 

Canada Southern R.R. Co. stock, 

Michigan Central R.R. Co. stock, 

Chic, Mil. & St. Paul R.R. Co. stock, 

Central R.R. Co. of N. J. stock, 

Chic & Eastern 111. R.R. Co. stock, . 

Burl., Cedar Rapids & North'n R.R. bond 

N. Y., Chic & St. Louis R.R. Co. bonds, 

N. Y. Central & Hudson River R.R. bond 

St. Paul, Minn. & Man. R.R. Co. bonds, 

City of Rahway bonds, 

Del., Lackawanna & West'n R.R. stock, 

Del , Lackawanna & West'n R R. stock, 

N. Y., N. H. & Hartford R.R. Co. stock, 

Great Northern R.R. Co. stock, 

Chicago, Burlington & Quincy R.R. Co. stock 

Central R R. Co. of New Jersey stock, 

TexPts and Pacific R.R. Co. bonds, . 

Chicago, Burlington & Quincy R.R. Co. bond 

Chicago & Western Indiana R.R. Co. bonds, 

Columbus, Hocking Val. & Tol. R.R. Co. bonds 

Chicago, Burlington & North. R.R. Co. bond, 

Chic, St. Paul, Minn. & Omaha R.R. Co. bond 

Colorado Coal & Iron Co. bonds, 

St. Paul, Minn. & Man. R.R. Co. bonds, 

Vicksburg & Meridan R.R. Co. bonds, 

Rio Grande Western R.R. Co. bond, 

City of Mobile, Ala., bond, 

City of Quincy, 111., bond, 

Chic , Milwaukee & St. Paul R.R. Co. bonds, 

Southern Railway Co. bonds, . 

South Carolina & Georgia R.R. Co. bonds, 

Chic, Milwaukee & St. Paul R.R. Co. bonds, 

Trenton Water Co., Trenton, Mo., bonds, 



Market Value 

|14,750 00 1 
15,800 00 
6,720 00 
2,860 00 
6,557 00 }► 
4,410 00 
2,400 00 
13,104 00 
6,150 00 J 
4,830 00 
8,300 00 ^ 
30,800 00 
8,800 00 
29,200 00 
10,000 00 J> 
9,500 00 
15,750 00 
5,150 00 
4,800 00 
48,400 00 
18,000 00 
54,600 00 
70,200 00 
53,100 00 
118,000 001 

7,227 00 

50,000 00 

2,550 00 

1,180 00 

7,350 00 

4,400 00 

1,040 00 

1,270 00 

1,960 00 

2,370 00 

2,000 00 

750 00 

1,000 00 

1,000 00 

7,800 00 

8,190 00 

8,100 00 

39,500 00 

20,000 00 



Loaned Thereon. 



$45,000 00 



2,500 00 



100,000 00 



100,000 00 
100,000 00 



> 200,000 00 



10,000 00 



THE MUTUAL BENEFIT LIFE INSURANCE COMPANY. 



129 



National State Bank, Newark, stock, 

National Newark Banking Co., Newark, stock, 

Merchants' Insurance Co., Newark, stock, 

Firemen's Insurance Co., Newark, stock, 

Newark Gas Company bonds, . 

N. Y., N. H. & Hartford R.R. Co. bonds, . 

Pennsylvania R.R. Co. stock, . 

Chic, Rock Island & Pacific R.R. Co. stock, 

Alabama Central R.R. Co, bonds, 

Long Dock Co. bonds, 

Texas & Pacific R R. Co. bond, 

Wabash R.R. Co. bonds, . 

Winona & St. Peters R.R. bonds, 

Galveston, Harris. & San Antonio R R. bonds, 

Southern Pacific R.R. Co. of Arizona bonds, . 

Columbia & Greenville R.R. Co. bonds, . 

Rio Grande Western R.R. Co. bonds, 

Georgia Pacific R.R. Co. bonds, 

St. Louis & Iron Mountain R.R. bonds, . 

N. Y.,New Haven & Hartford R.R. Co. bonds, 

Erie R.R. Co. bonds, . . 

Chicago & Erie R.R. Co. bonds, 

Great Northern R.R. Co. stock, 

St. Paul, Minn. & Man. R.R. Co. stock, . 
Lake Erie & Western R.R. Co. stock, 
Norfolk & Southern R.R. Co. stock, . 
St. Louis & Iron Mountain R.R. Co. bonds, 
Great Northern R.R. Co. stock, 
Lake Erie & Western R.R. Co. stock, 
St. Paul, Minn. & Man. R.R. Co. stock, . 
Manhattan Elevated R.R. Co. stock, 
American Telegraph & Cable Co. stock, . 
Clev., Cin., Chicago & St. Louis R.R. Co. stock, 
St. Paul, Minn. & Man. R.R. Co. bonds, . 
Missouri, Kansas & Texas R.R. Co. bonds, 
Evansville & Indianapolis R R. Co. bond, 
N. Y., Susquehanna & Western R.R. bonds, 
Del., Lackawanna & Western R.R. Co. stock, 
N. Y., New Haven & Hartford R.R. Co. stock 
Manhattan Elevated R.R. Co. stock, 
Chicago, Rock Island and Pacific R R. stock, 
Chicago & Alton R.R. Co. stock, 
Lake Shore & Mich. Southern R.R. stock, 
Western Union Telegraph Co. stock, 
Chic, Rock Island & Pacific R.R. stock, . 
Canada Southern R.R. Co. stock, 
City of Milwaukee bonds, . , 

Pittsburg & Connellsville R.R. bonds, , 
New York City bonds, . 



Market Value. 

$790 00 >| 



Loaned Thereon. 



1,008 00 



2,860 00 

675 00^ 
49,200 00 
135,000 00 
4,080 00 
39,000 00) 
16,800 00 j 
5,200 00 
1,050 00 i 
5,150 00 
3,750 00 
13,350 00 
13,650 00 
11,000 00 
7,500 00 
3,300 00 
3,700 00 
6,750 00 J 
76,000 00 
54,500 00 
35,400 00 
33,600 00 
33,500 00 j 
14,000 00 I 
19,980 00 J 
47,200 00) 
33,500 00 
11,200 00 
1,780 00 
2,380 00 
820 00 
30,250 00 I 
4,800 00 

900 00 I 

3,600 00 J 

78,000 00 } 

53,100 00 S 

8,900 00 \ 

61,750 00 S 

64,000 00 ) 

30,200 00 1 

16,600 00 ■ 

19,500 00 i 

4,400 00 J 

43,200 00} 

24,000 00 < 

59,000 00 J 



} 14,000 00 



30,000 00 

100,000 00 

3,200 00 



> 100,000 00 



100,000 00 



100,000 00 



}> 100,000 00 



100,000 00 
100,000 00 

50,000 00 

100,000 00 



130 



THE MUTUAL BENEFIT LIFE INSURANCE COMPANY. 



Chic, Rock Island & Pacific R.R. stock, 

Canada Southern R.R. Co. stock, 

New York City bonds, 

City of Milwaukee bonds, 

Erie R.R. Co. bonds, . 

Pennsylvania Co. bonds, . 

Chicago & Erie R.R. Co. bonds, 

City of St. Paul bonds, 

Central R.R. Co. of N. J. bonds, 

Lake Shore & Mich. Southern R.R. stock, 

Manhattan Elevated R.R. Co. stock, 

Chic, Mil. & St. Paul R.R. Co. stock, 

Chic , Rock Island & Pacific R.R. Co. stock, 

Central R R Co. of N. J. stock, 

Lake Erie & Western R.R. Co. stock, 

Chic, Mil. & St. Paul R.R. Co. bonds, . 

Wabash R.R. Co. bonds, .... 

Western Union Telegraph Co. bonds, 

Chic, Rock Island & Pacific R.R. Co. bonds, 

Georgia Pacific R.R. Co. bonds, 

Chic, Mil. & St. Paul R.R. Co. bonds, . 

Knoxville & Ohio R.R. Co. bonds, . 

Delaware & Hudson Canal Co. stock, 

Consolidated Gas Co., N. Y., stock, . 

St. Paul & Duluth R.R. Co. stock, . 

Laclede Gas Co., St. L., stock, . 

Brookl} T n Union Gas Co. bonds, 

Houston & Texas Central R.R. Co. bonds, 

Duluth, South Shore & Atlantic R R. bonds, 

Great Northern R.R. Co. stock, 

Lake Erie & Western R.R. Co. stock, 

St. Paul, Minn. & Manitoba R.R. bonds, . 

N. Y., Susquehanna & Western R R. bonds, 

St. Louis & Iron Mountain R.R. bonds, . 



Market Value. Loaned Thereon. 

113,000 00 ^ 
8,800 00 | 
35,400 00 
54,000 00 
12,800 00 j 
23,000 00 >| 
51,230 00 
15,000 00 ! 
36,800 00 J 
30,200 00 >j 



$100,000 00 



)> 100,000 00 



17,800 00 



14,600 00 . 
6,500 00 J 
40,000 00' 
33,500 00 
5,250 00 
4,950 00 
5,000 00 )> 
5,200 00 
11,000 00 
11,800 00 
11,400 00 J 
17,250 00 >! 
4,140 00 
8,100 00 
7,500 00 } 
42,000 00 
37,300 00 
8,000 00, 
60,180 00 x 
20,100 00 
30,250 00 }» 
7,200 00 I 
5,920 00 J 



} 50,000 00 



100,000 00 



100,000 00 



100,000 00 



5,614,911 00 $1,994,700 00 



Schedule B. 



United States bonds, . 
Essex County, N. J., bonds, 
Union County, N. J., bonds, 
Mercer County, N. J., bonds, . 
Elizabeth City County, Va., bonds, 
Buchanan County, Mo., bonds, . 
Pettis County, Mo., bonds, 
Lincoln County, Mo., bonds, 



Bonds owned by the Company. 

Par Value. Market Value. 

$302,000 00 $335,720 00 

533,000 00 566,495 00 

4,000 00 4,000 00 

5,000 00 5,000 00 

12,000 00 12,000 00 

360,000 00 378,000 00 

99,500 00 99,925 00 

158,000 00 161,580 00 



THE MUTUAL BENEFIT LIFE INSUKANCE COMPANY. 131 



Doniphan County, Kan., bonds, 

Uinta County, Wyo., bonds, 

Township of West Orange, N. J., bonds, 

Township of East Orange, N. J., bonds, 

Township of Milburn, N. J., bonds, . 

Township of Bloomfield, N. J., bonds, 

City of Newark, N. J., bonds, . 

City of Colorado Springs, Col., bonds, 

Township of Montclair, N. J., bonds, 

City of Columbus, Ohio, bonds, 

City of Elizabeth, N. J., bonds, 

City of Orange, N. J., bonds, . 

City of Rahway, N. J., bonds, . 

City of Saginaw, Mich., bonds, 

City of Sedalia, Mo., bonds, 

City of Springfield, 111., bonds, 

City of South Bend, 111., bonds, 

City of Toledo, Ohio, bonds, . 

Trenton, N. J., bonds, 

Elizabethtown Gas Light Co. bonds, 

Elizabethtown Water Co. bonds, 

Hackensack, N. J., Water Co. bonds, 

The Long Dock Co. bonds, 

University of City of New York bonds, 

Belvidere Delaware R.R. bonds, 

West Shore R.R. bonds, . 

Chicago, Burlington & Quincy R.R. bonds, 

Central Railroad of New Jersey bonds, . 

Perth Araboy & Woodbridge R.R. bonds, 

Chicago, Rock Island & Pacific R R. bonds, 

Freehold and Jamesburg Agricul. R.R. bonds, 

Shamokin, Sunbury & Lewisburg R.R. bonds, 

Wilkesbarre & Scranton R.R. bonds, 

New York, Susquehanna & Western R.R. b"ds, 

Phila., Wilmington & Baltimore R.R. bonds, 

Philadelphia & Erie R R. bonds, 

Cleveland & Canton R.R. bonds, 

Seattle, Lake Shore & Eastern R.R. bonds, 

Saginaw & Western R.R. bonds, 

Morris & Essex R.R. bonds, 

N. Y., Lackawanna & Western R.R. bonds, 

Lehigh Valley R.R. bonds, 

Lehigh Valley Terminal R.R. bonds, 

Rio Grande Western R.R. bonds, . 

Jackson, Lansing & Saginaw R.R. bonds, 

Baltimore & New York R.R. bonds, 

Rapid Transit Street R.R bonds, 

Kansas City Elevated R.R. bonds, . 



Par Value. 

$370,000 00 

52,000 00 

74,000 00 

190,116 45 

42,000 00 

30,000 00 

1,166,000 00 

50,000 00 

265,000 00 

29,000 00 

1,056,000 00 

20,000 00 

85,401 33 

100,000 00 

54,500 00 

114,300 00 

90,000 00 

45,000 00 

18,000 00 

100,000 00 

20,000 00 

200,000 00 

310,000 00 

20,000 00 

750,000 00 

200,000 00 

300,000 00 

250,000 00 

100,000 00 

100,000 00 

100,000 00 

40,000 00 

100,000 00 

150,000 00 

250,000 00 

500,000 00 

50,000 00 

50,000 00 

25,000 00 

300,000 00 

242,000 00 

150,000 00 

214,000 00 

150,000 00 

72,000 00 

253,000 00 

94,000 00 

230,000 00 



Market Value. 

$390,350 00 

52,000 00 

82,880 00 

190,116 45 

42,000 00 

30,000 00 

1,205,200 00 

50,750 00 

276,225 00 

29,000 00 

1,003,200 00 

20,750 00 

68,321 06 

102,550 00 

54,500 00 

114,300 00 

90,000 00 

45,000 00 

18,000 00 

100,000 00 

18,000 00 

212,000 00 

406,000 00 

20,800 00 

750,000 00 

207,000 00 

293,250 00 

288,750 00 

100,000 00 

102,000 00 

100,000 00 

40,400 00 

103,000 00 

151,500 00 

253,750 00 

510,000 00 

32,500 00 

17,500 00 

15,000 00 

408,000 00 

259,120 00 

150,000 00 

232,190 00 

109,500 00 

76,320 00 

253,000 00 

95,880 00 

226,550 00 



132 



NATIONAL LIFE INSURANCE COMPANY. 



Pittsburg, Cincinnati & St. Louis R.R. bonds. 

United New Jersey R.R. & Canal Co. bonds, 

Long Island R.R. bonds, .... 

Chicago & Northwestern R.R. bonds, 

St. Louis, Alton & Terre Haute R.R. bonds, 

Cincinnati, Ind., St. Louis & Chic. R R. bonds, 

North Hudson County R.R. bonds, . 

Rome, Watertown & Ogdensburg R R. bonds, 

Freemont, Elkhorn & Miss. Valley R.R. bonds, 

Iowa Midland R.R. bonds, . 

Louisville & Nashville R.R. bonds, . . ' . 

Orange & Newark Horse Car R.R. bonds, 

Chicago & Milwaukee R.R. bonds, . 

Ottawa, Oswego & Fox River Val. R.R. bonds, 

Cleve., Col., Cin. & Indianapolis R'y bonds, . 

Buffalo & Erie R.R. bonds, . 



Par Value. 

5100,000 00 

250,000 00 

40,000 00 

34,000 00 

100,000 00 

100,000 00 

50,000 00 

90,000 00 

16,000 00 

35,000 00 

66,000 00 

10,000 00 

6,000 00 

8,000 00 

7,000 00 

5,000 00 



Market Value. 

$109,500 00 

270,000 00 

44,880 00 

36,380 00 

103,000 00 

96,000 00 

51,750 00 

103,500 00 

20,240 00 

39,550 00 

67,980 00 

11,000 00 

6,270 00 

8,960 00 

7,385 00 

5,150 00 



$11,561,817 78 f 11,941,517 51 



"NATIONAL LIFE INSURANCE COMPANY," MONTPELIER, 

VERMONT. 

[Incorporated Nov. 13, 1848. Commenced business Feb. 1, 1850.] 

Charles Dewey, President. Geo. W. Reed, Secretary. 

Income. 

Received for premiums on new policies, $453,090 47 

Received for renewal premiums, . . . . . . 2,262,773 00 

Dividends applied to pay running premiums, .... 83,712 31 

Dividends applied to purchase paid-up additions and annuities, 2,741 55 
Surrender values applied to purchase paid-up insurance and 

annuities, . 39,140 33 

Received for annuities, 3,821 04 

Total premium income, . $2,845,278 70 

Received for interest, ..... . . . 510,602 80 

as discount on claims paid in advance, , . . 240 34 

for rents of company's property, .... 33,885 62 

Profit and loss account, 1,564 04 

Total income, $3,391,571 50 

Net or ledger assets Dec. 31, 1895, 11,281,347 78 

Total, . . , . . ... . . $14,672,919 28 



Disbursements. 

Paid for losses and additions, 

for matured endowments, . . . 
on matured instalment policies, 

Gross amount paid for losses and endowments, 



$610,460 65 

78,510 00 

1,305 20 

,275 85 



NATIONAL LIFE INSURANCE COMPANY. 



133 



Paid to annuitants, 

Premium notes or loans voided by lapse, .... 

Cash dividends paid policy holders, 

applied to pay running premiums, . 

applied to purchase paid-up additions and 

annuities, 

Surrender values paid in cash, 

Surrender values applied to purchase paid-up insurance and 
annuities, 

Total paid policy holders, 

Cash paid for commissions and bonuses to agents (new poli- 
cies, $242,632.21 ; renewals, $153,657.78), . 

for salaries and allowances to managers and agents, 

for medical examiner's fees, 

for salaries of officers and home office employees, 

for taxes on new premiums, $9,671.65; on re- 
newals, $34,150.72, . . ... 

for taxes on investments, $103.56 ; on reserves, 
|7,246.04, 

for taxes on real estate, . 

for fees, licenses, etc., 

for rent, .... 

for commuting commissions, 

for advertising, printing and postage, 

for legal expenses, . 

for furniture and office fixtures, 

for real estate expenses (except taxes), 

for incidentals, . . . 

Total disbursements, 

Balance, 



$1,635 00 
34,215 73 

34,707 85 
83,712 31 

2,741 55 

407,766 14 

39,140 33 
L,294,194 76 

396,289 99 

45,344 70 

35,599 59 

48,297 12 

43,822 37 

7,349 60 

20,623 10 

3,325 30 

26,878 41 

17,104 35 

42,128 91 

1,527 33 

11,581 64 

25,422 57 

1,121 46 

!,020,611 20 

$12,652,308 08 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, , 

Loans on mortgage of real estate (first liens) , 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Par value of stocks and bonds owned (schedule B) , 

Cash in company's office, 

Cash deposited in bank, 

Total net or ledger assets, as per balance, 

Other Assets. 

Interest due and accrued, 

Market value of stocks and bonds over par, . 



$1,080,543 42 

4,347,726 25 

194,422 00 

1,475,632 66 

339,160 95 

4,713,246 73 

4,908 73 

496,667 34 

$12,652,308 08 



357,384 56 
158,532 01 



134 



NATIONAL LIFE INSURANCE COMPANY. 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, ..... 

Total, . . . . 
Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. Renewals. 

$58,461 26 $151,814 88 
50,174 78 204,298 77 



$108,636 04 $356,113 65 
21,727 20 71,222 73 



,908 84 $284,890 92 



Total assets, per company's books, . 



Loan on personal security, 
Balance, 



Not admitted. 



$371,799 76 
$13,540,024 41 



13,000 00 
$13,527,024 41 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), 

Present value of unpaid instalments, 

Commissions due on premium notes, ..... 
Death losses due and unpaid, .... $1,20000 

Death losses in process of adjustment, . . 39,900 00 

Claims resisted by the company, . . . 27,000 00 

Total policy claims, . . . . 

Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, .... 
Due for taxes, fees, salaries, expenses, etc., 
Contingent surrender value, 
Extra reserve on life-rate endowment policies, 



$11,437,219 00 

18,055 11 

1,083 98 



Liabilities as to policy holders, . 
Surplus as regards policy holders, . 

Gross liabilities, . . 



68,100 00 

8,168 30 

4,492 47 

17,819 00 

13,234 74 

356,326 94 

$11,924,499 54 
, 1,602,524 87 

$13,527,024 41 



Premium Note Account 

Premium notes on hand Dec. 31, 1895, . . $303,894 09 
Premium notes received during 1896 (new poli- 
cies, §4,032.07 ; old policies, $289,653.69), . 293,685 76 

Total, $597,579 85 

Used in payment of losses and claims, . . $4,457 55 

Used in purchase of surrendered policies, . 36,579 40 

Voided by lapse, 34,215 73 

Used in payment of dividends to policy holders, 527 20 

Redeemed by maker in cash, .... 182,639 02 

Total,. . . . . . . . 258,418 90 

Balance note assets Dec. 31, 1896, $339,160 95 



NATIONAL LIFE INSURANCE COMPANY. 



135 



Exhibit of Policies. 



Policies and Additions 

Number. 

Whole life, . . . 22,012 
Endowment, . . . 10,287 
All other, . . . 443 
Reversionary additions, . - 


in Force Dec. 31, 1895. 

Amount. Total No. 

$51,959,634 00 

16,469,719 00 

1,232,800 00 

61,489 00 

QO 7/jO 


Whole life, 
Endowment, 
All other, . 


Policies issued 

. 4,414 

. 1,883 

221 


during the Year. 

|9,023,933 00 

3,751,065 00 

622,200 00 



Total Amount. 



,723,642 00 



Whole life, 
Endowment, 
All other, . 


increas 
3nds, 

Policie 

• 

:rease, 


Old Policies revived. 

53 $145,786 00 

16 49,500 00 

3 10,000 00 


6,518 

72 


13,397,198 00 

205,286 00 
3,656 00 
5,064 00 


Whole life policies 
Additions by divid< 


sed, 

s terminated during the Yt 

3,582 $8,201,762 00 

1,252 2,216,633 00 

146 441,720 00 


Total, . 

Whole life, 
Endowment, 
All other, . 


39,332 

lar. 

4,980 


$83,334,846 00 


By death, . 

maturity, 

expiry, 

surrender, . 

lapse, . 

change and dec 
Not taken, . 


4,980 $10,860,115 00 

How terminated. 

261 $630,242 00 

62 78,510 00 

40 151,600 00 

1,340 3,026,958 00 

2,205 4,396,500 00 

38 335,521 00 

. 1,034 2,240,784 00 


10,860,115 00 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



Policies in Force Dec. 31, 1896. 

. 22,897 $52,931,247 00 

. 10,934 18,053,651 00 

521 1,425,800 00 

64,033 00 



34,352 72,474,731 00 



136 



NATIONAL LIFE INSURANCE COMPANY. 



Schedule A. 

Securities held as Collateral. 



National Car Company stock, St. Albans, Vt., 
Lane Manufacturing Co. stock, Montpelier, Vt., 
Chattel mortgage, law library, 
Gordon Orchard and Vineyard Co., Cal., stock, 
Banner Vineyard Co., Cal., stock, 
Gordon Orch'd and Viney'd Co. notes, endorsed, 
Grangeville Viney'd Co., Cal , notes, endorsed, 
Vermont Marble Co. bonds, Proctor, Vt., 
Note, personal security, .... 
Sheldon Marble Co. bonds, Rutland, Vt., 
Neshobe Electric Co., Brandon, Vt., stock, 
Anderson, Ohio, bonds, . . 

Lorain, Ohio, bonds, 

Ravenna, Ohio, bonds, .... 
First National Bank, Montpelier, Vt., stock, 
Wetmore & Morse Granite Co. stock, 
Wetmore & Morse Granite Co. stock, 

Chattel mortgage, 

Dennison, Ohio, school bonds, . 
Urbana, Ohio, school bonds, 
Marshalltown, la., school bonds, 
Sagamon Co., 111., bonds, . 
Tazewell Co., 111., bonds, . . 



Market Value. 

$6,125 00 
75,250 00 
600 00 
5,500 00 ^ 
6,800 00 I, 
4,500 00 | 
4,000 00 J 
41,280 00 
13,000 00 
26,000 00 
8,000 00 
6,341 00 -n 
8,160 00 i 
11,730 00 ) 
1,600 00 ? 
6,875 00 S 
5,375 00 
352 00 
4,060 00 
5,062 50 
7,070 00 J> 
5,000 00 
5,100 00 J 



Loaned Thereon. 

$5,000 00 

33,500 00 

125 00 



11,850 00 

40,000 00 

13,000 00 

25,000 00 

4,500 00 

25,000 00 

7,000 00 

4,172 00 
275 00 



25,000 00 



|257,780 50 $194,422 00 



Schedule B. 

Slocks and Bonds owned by the Company. 

Par Value. Market Value. 

First National Bank, Montpelier, Vt., stock, . $22,800 00 $22,800 00 

Montpelier Natl Bank, Montpelier, Vt., stock, 1,700 00 2,975 00 

United States bonds, 205,000 00 235,762 50 

New Hampshire State bonds, . 11,000 00 12,556 50 

Vermont State bonds, . . . . 170,000 00 170,563 50 

City of Barre, Vt., bonds, 25,000 00 25,106 00 

City of Burlington, Vt., bonds, . . . 25,000 00 26,260 00 

City of Montpelier, Vt., bonds, . . . 34,500 00 34,626 62 

City of Vergennes, Vt., bonds, . . . 18,500 00 18,880 27, 

Town of Arlington, Vt., bonds, . . . 36,000 00 36,180 00 

Town of Bakersfield, Vt., bonds, . . . 3,000 00 3,069 00 

Town of Brighton, Vt., bonds, . . . . 12,500 00 12,945 00 

Town of Enosburgh, Vt., bonds, . . . 2,500 00 2,522 50 

Town of Fairfield, Vt., bonds, . . . . . 1,100 00 1,100 00 

Town of Greensboro, Vt., bonds, . . . 3,500 00 3,584 70 



NATIONAL LIFE INSURANCE COMPANY. 



137 



Town of Highgate, Vt., bonds, 

Town of Jamaica, Vt., bonds, . 

Town of Jay, Vt., bonds, . 

Town of Jericho, Vt., bonds, . 

Town of Johnson, Vt., bonds, . 

Town of Mount Tabor, Vt , bonds, 

Town of Newfane, Vt., bonds, . 

Town of Rockingham, Vt., bonds, 

Town of Rutland, Vt., bonds, . 

Town of West Rutland, Vt., bonds, 

Town of St. Albans, Vt., bonds, 

Town of Sheldon, Vt., bonds, , 

Town of Swanton, Vt., bonds, . 

Town of Townshend, Vt., bonds, 

Town of Underhill, Vt., bonds, 

Town of Westminster, Vt , bonds, 

Town of Wilmington, Vt., bonds, 

Village of Barre, Vt., bonds, . 

Village of Barton, Vt., bonds,. . 

Village of Barton Landing, Vt., bonds, 

Village of Bradford, Vt., bonds, 

Village of Brandon, Vt., bonds, 

Village of Brattleboro, Vt., bonds, 

Village of Hartford, Fire District, Vt., bonds 

Village of Hyde Park, Vt., bonds, 

Village of Johnson, Vt., bonds, 

Village of Ludlow, Vt., bonds, 

Village of North Troy, Vt., bonds, 

Village of Proctor, Vt., bonds, . 

Village of Richford, Vt., bonds, 

Village of St. Albans, Vt., bonds, 

Village of St. Johnsbury, Vt., bonds, 

Village of Waterbury, Vt., bonds, 

Village of West Randolph, Vt., bonds, 

Barre, Vt., school district bonds, 

Brattleboro, Vt., school district bonds, 

Sheldon Marble Co. bonds, 

City of Boston, Mass., bonds, . 

City of Meriden, Conn., bonds, 

New York State bonds, . 

City of Long Branch, N. J., bonds, 

Town of Union, N. J., bonds, . 

Town of Beaver, Pa., bonds, . 

Town of Du Bois, Pa., bonds, . 

Town of Duquesne, Pa , bonds, 

Town of Rochester, Pa., bonds, 

City of East Liverpool, Ohio, bonds, 

City of Fostoria, Ohio, bonds, . 



Par Value. 

$16,000 00 

12,000 00 

1,000 00 

1,000 00 

3,142 00 

6,000 00 

11,000 00 

15,000 00 

8,095 37 

17,500 00 

16,450 00 

18,000 00 

74,500 00 

11,000 00 

7,000 00 

6,000 00 

24,000 00 

45,000 00 

10,000 00 

12,800 00 

27,000 00 

29,000 00 

7,000 00 

12,000 00 

12,000 00 

10,000 00 

30,000 00 

16,000 00 

25,000 00 

21,000 00 

55,000 00 

6,000 00 

34,000 00 

13,000 00 

5,300 00 

20,000 00 

50,000 00 

10,000 00 

17,000 00 

110,000 00 

20,000 00 

20,000 00 

17,000 00 

32,000 00 

50,000 00 

14,000 00 

20,000 00 

16,000 00 



Market Value. 

$16,484 80 

12,330 40 

1,009 70 

1,009 70 

3,216 15 

6,219 60 

11,355 20 

15,000 00 

8,211 35 

17,615 50 

16,537 19 

18,497 60 

77,385 43 

11,310 20 

7,151 00 

6,065 40 

25,022 40 

45,585 00 

10.835 00 
13,315 84 
27,378 44 
29,303 40 

7,095 90 
12,102 00 
12,000 00 
10,090 00 
30,130 00 
16,644 80 
25,000 00 
21,634 40 

55.836 00 
6,061 80 

34,108 80 
13,079 30 
5,414 98 
20,282 00 
51,040 50 
11,415 00 
17,353 80 
110,000 00 
20,398 00 
20,896 00 
17,115 43 
33,142 40 
51,020 00 
14,793 50 
20,700 00 
16,187 20 



138 



NATIONAL LIFE INSURANCE COMPANY. 



City of Piqua, Ohio, bonds, 

City of Zanesville, Ohio, bonds, 

City of Xenia, Ohio, bonds, 

Town of Wellston, Ohio, bonds, 

Village of Bridgeport, Ohio, bonds, 

Village of Leetonia, Ohio, bonds, 

Village of Lorain, Ohio, bonds, 

Village of Louisville, Ohio, bonds, . 

Collinwood, Ohio, school district bonds, 

Dennison, Ohio, school district bonds, 

Martin's Ferry, Ohio, school district bonds, 

Ottawa, Ohio, school district bonds, 

Jay County, Ind., bond, . 

Montgomery County, Tnd., bonds, . 

Owen County, Ind , bonds, 

City of Garrett, Ind., bonds, 

Anderson, Ind., school district bonds, 

Indianapolis, Ind., school district bonds, 

Logan sport, Ind., school district bonds, 

City of Crystal Lake, 111., bonds, 

City of Springfield, 111., bonds, 

City of Woodstock, 111., bonds, 

Village of Lockport, 111., bonds, 

East St. Louis, 111., school district bonds 

Rock Island, 111., school district bonds, 

City of Huntington, W. Va., bonds, 

Paris, Ky., school district bonds, 

City of Escanaba, Mich., bonds, 

City of Grand Haven, Mich., bonds, 

City of Hillsdale, Mich., bonds, 

City of Niles, Mich., bonds, 

City of St. Joseph, Mich., bonds, 

Village of Buchanan, Mich., bonds, 

Village of Clinton, Mich., bonds, 

Village of Durand, Mich., bonds, 

Village of Quincy, Mich., bonds, 

Village of Tecuraseh, Mich., bonds, 

Cheboygan, Mich., school district bonds, 

Frankfort, Mich., school district bonds, . 

Mt. Clemens, Mich., school district bonds, 

Sault Ste. Marie, Mich., school district bonds 

West Bay, Mich., school district bonds, 

County of Outagamie, Wis., bonds, 

City of Appleton, Wis., bonds, . 

City of Fond du Lac, Wis., bonds, 

City of Merrill, Wis., bonds, . 

City of Reedsburg, Wis., bonds, 

Village of Elkhorn, Wis , bonds, 



Par Value. 

$10,000 00 

75,000 00 

6,000 00 

40,000 00 

25,000 00 

4,500 00 

8,000 00 

18,000 00 

19,000 00 

4,500 00 

10,000 00 

20,000 00 

15,000 00 

15,000 00 

25,200 00 

17,000 00 

5,500 00 

12,000 00 

16,000 00 

5,000 00 
18,200 00 
10,000 00 

9,700 00 
17,000 00 
25,000 00 
47,000 00 
25,000 00 
20,000 00 
13,000 00 

9,500 00 
12,000 00 
17,000 00 
10,000 00 

5,000 00 
10,000 00 

6,000 00 
14,000 00 
30,000 00 
15,000 00 
10,000 00 
15,000 00 

7,000 00 
25,000 00 
10,000 00 
20,000 00 
29,500 00 
17,000 00 
15,000 00 



Market Value. 

$10,471 00 

75,658 75 

6,184 20 

41,115 50 

26,325 00 

4,548 60 

8,451 20 

19,000 80 

20,056 40 

4,596 75 

10,482 00 

21,486 00 

15,016 20 

15,108 00 

25,759 44 

17,897 60 

5,622 10 
12,036 00 
16,905 60 

5,144 00 
18,789 68 
10,190 00 
10,095 76 
18,994 10 
25,377 50 
48,073 95 
26,222 50 
20,276 00 
13,104 00 

9,566 50 
12,765 60 
18,111 80 
10,226 00 

5,167 50 
10,333 00 

6,292 80 
14,390 60 
30,891 00 
15,271 50 
10,665 00 
15,366 50 

7,490 00 
25,650 00 
10,280 00 
20,900 00 
29,912 05 
17,566 10 
15,418 50 



NATIONAL LIFE INSURANCE COMPANY. 



139 



Delavan, Wis., school district bonds, 
County of Clarke, Iowa, bonds, 
County of Shelby, Iowa, bonds, 
County of Wapello, Iowa, bonds, 
City of Webster, Iowa, bonds, . 
City of Afton, Iowa, bonds, 
City of Bloomfield, Iowa, bonds, 
City of Carroll, Iowa, bonds, . 
City of Centerville, Iowa, bonds, 
City of Clinton, Iowa, bonds, . 
City of Corning, Iowa, bonds, . 
City of Creston, Iowa, bonds, . 
City of Fort Dodge, Iowa, bonds, 
City of Hampton, Iowa, bonds, 
City of Independence, Iowa, bonds, 
City of North Des Moines, Iowa, bonds 
City of Oskaloosa, Iowa, bonds, 
City of Ottunrwa, Iowa, bonds, 
City of Shenandoah, Iowa, bonds, 
City of Spencer, Iowa, bonds, . 
City of Villisca, Iowa, bonds, . 
City of Webster, Iowa, bonds, . 
Town of Marengo, Iowa, bonds, 
Town of Oelwein, Iowa, bonds, 
Village of Indianola, Iowa, bonds, 
Carroll Co., Iowa, school district bonds, 
Cedar Rapids, Iowa, school district bonds 
Eldora, Iowa, school district bonds, . 
Forest Home, Iowa, school district bonds 
Griswold, Iowa, school district bonds, 
Newton, Iowa, school district bonds, 
Osceola, Iowa, school district bonds, 
Perry, Iowa, school district bonds, . 
Rock Rapids, Iowa, school district bonds 
Sanborn, Iowa, school district bonds, 
Clinton Co., Iowa, warrants, . 
Sioux City, Iowa, warrants, 
City of Albert Lea, Minn,, bonds, 
City of Duluth, Minn., bonds, . 
City of Little Falls, Minn., bonds, 
City of Minneapolis, Minn., bonds, 
City of Stillwater, Minn., bonds, 
City of Winona, Minn., bonds, . 
Village of West Duluth, Minn., bonds, 
Douglas Co., Minn., school district bonds 
Duluth, Minn., school district bonds, 
Lake City, Minn , school district bonds, 
Lyon Co., Minn., school district bonds, 



Par Value. 

$26,500 00 

27,000 00 

15,000 00 

12,000 00 

15,000 00 

5,400 00 

12,000 00 

5,000 00 

12,000 00 

28,500 00 

15,000 00 

11,000 00 

11,000 00 

13,000 00 

8,000 00 

5,000 00 

10,000 00 

13,000 00 

20,000 00 

5,500 00 

10,000 00 

13,000 00 

11,000 00 

14,000 00 

13,000 00 

7,000 00 

29,500 00 

12,000 00 

22,000 00 

4,000 00 

7,000 00 

2,500 00 

12,000 00 

3,000 00 

3,000 00 

2,782 06 

200,000 00 

32,000 00 

14,000 00 

9,000 00 

3,500 00 

41,000 00 

3,000 00 

20,000 00 

20,000 00 

20,000 00 

10,000 00 

9,000 00 



Market Value. 

|26,738 50 
27,156 60 
15,165 00 
12,070 80 

15.240 00 
5,851 98 

12,478 80 

5,069 50 

12,228 00 

29,041 50 

15,616 50 

11,038 50 

11,250 55 

13,471 90 

8,153 20 

5,208 50 

10,222 00 

13,000 00 

20,948 00 

5,572 60 

10,415 00 

13,625 30 

11,152 90 

15,311 80 

13,314 60 

7,169 40 

29,706 50 

12,327 60 

22,403 00 

4,083 60 

7,024 50 

2,639 50 

12,108 60 

3,041 70 

3,105 30 

2,782 06 

204,640 00 

33,481 60 

15,128 40 

9,327 60 

3,601 85 

43,111 50 

3,000 00 

20,630 00 

20,520 00 

22,296 00 

10.241 00 
9,190 80 



140 



NATIONAL LIFE INSURANCE COMPANY. 



City of Carthage, Mo., bonds, . 
City of Hannibal, Mo., bonds, . 
City of Joplin, Mo., bonds, 
Nevada, Mo., school district bonds, 
Clay Co., Mo., school district bonds, 
County of Douglas, Neb., bonds, 
County of Dundy, Neb , bonds, 
City of Kearney, Neb., bonds, . 
City of Lincoln, Neb., bonds, . 
City of Omaha, Neb., bonds, . 
City of Red Cloud, Neb., bonds, 
Village of North Bend, Neb., bonds 
Aurora, Neb., school district bonds, 
Box Butte Co., Neb., school district bonds, 
Cass Co., Neb., school district bonds, 
Dawson Co., Neb., school district bonds, 
Harlan Co., Neb., school district bonds, 
Holt Co., Neb., school district bonds, 
Johnson Co., Neb., school district bonds, 
Kearney Co., Neb., school district bonds, 
Oakdale, Neb., school district bonds, 
Saline Co., Neb., school district bonds, 
Nebraska State, county and city warrants, 
County of Haskell, Kan., bonds, 
County of Seward, Kan., bonds, 
City of Newton, Kan., bonds, . 
Atchison Co., Kan., school district bonds, 
Barber Co., Kan., school district bonds, 
Cloud Co., Kan., school district bonds, 
Coffeyyille, Kan , school district bonds, 
Dickinson Co., Kan., school district bonds, 
Graham Co., Kan., school district bonds, 
Gray Co., Kan , school district bonds, 
Horton Co., Kan., school district bonds, 
Kingman Co., Kan., school district bonds 
Liberal, Kan., school district bonds, 
Neosho Co., Kan , school district bonds, 
Reno Co., Kan., school district bonds, 
Sedgwick Co., Kan., school district bonds, 
Stanton Co., Kan., school district bonds, 
Wa-Keeney, Kan., school district bonds, 
Wellington, Kan., school district bonds, 
County of Otero, Col., bonds, . 
City of Colorado Springs, Col , bonds, 
Town of Boulder, Col., bonds, . 
Town of South Denver, Col , bonds, 
Arapahoe Co., Col., school district bonds, 
Pueblo Co., Col , school district bonds, . 



Par Value. 

$8,000 00 

20,000 00 

6,500 00 

5,000 00 

2,500 00 

20,000 00 

1,800 00 

35,000 00 

50,000 00 

20,000 00 

10,000 00 

700 00 

5,000 00 

5,000 00 

9,000 00 

3,400 00 

2,500 00 

3,000 00 

8,000 00 

41,835 00 

2,500 00 

33,000 00 

281,844 57 

14,000 00 

6,000 00 

12,000 00 

10,000 00 

4,600 00 

1,500 00 

7,500 00 

7,500 00 

10,000 00 

4,000 00 

13,000 00 

3,000 00 

15,000 00 

7,000 00 

3,500 00 

8,000 00 

1,000 00 

1,500 00 

14,000 00 

4,000 00 

31,000 00 

35,000 00 

25,000 00 

29,000 00 

88,000 00 



Market Value. 

$8,128 00 

21,082 00 

6,594 25 

5,240 50 

2,604 25 

21,702 00 

2,010 42 

36,112 50 

52,780 00 

21,058 00 

10,986 00 

729 19 

5,175 50 

5,145 50 

9,623 80 

3,578 50 

2,500 00 

3,612 00 

8,064 00 

43,370 00 

2,774 25 

33,289 40 

284,617 18 

14,000 00 

6,000 00 

12,516 00 

11,169 80 

4,933 04 

1,552 65 

7,998 75 

7,713 00 

11,306 08 

4,516 40 

13,804 70 

3,082 50 

15,000 00 

7,291 90 

3,997 70 

8,150 40 

1,000 00 

1,698 00 

14,581 00 

4,166 80 

31,508 60 

35,843 50 

27,872 50 

30,372 90 

90,172 00 



NEW YORK LIFE INSURANCE COMPANY. 



141 



Arizona Territory bonds, . 

New Mexico Territory bonds, . 

New Mexico school district bonds, . 

County of Clark, So. Dakota, bonds, 

City of Huron, So. Dakota, bonds, . 

City of Pierre, So. Dakota, bonds, . 

City of Sioux Falls, So. Dakota, bonds, 

Hughes Co., So. Dakota, school district bonds 

Huron, So. Dakota, school district bonds, 

City of Cheyenne, Wyoming, bonds, 

City of Helena, Mont., bonds, . 

County of Silver Bow, Mont., bonds, 

City of Helena, Mont., warrants, 

County of Weber, Utah, bonds, 

City of Ogden, Utah, bonds, 

City of Salt Lake City, Utah, bonds, 

City of Santa Rosa, Cal., bonds, 

County of Lewis, Wash., bonds, 

City of Seattle, Wash., bonds, . 

City of Tacoma, Wash., bonds, 

Village of South Bend, Wash., bonds, 

Seattle, Wash , school district bonds, 

Washington State, county and city warrants, 

City of Astoria, Oregon, bonds, 

Oregon county and city warrants, . 



Par Value. 

$80,000 00 

40,000 00 

• 15,000 00 

4,000 00 
12,500 00 
11,000 00 
20,000 00 
10,000 00 
20,000 00 
25,000 00 
10,000 00 
25,000 00 
28,094 96 
40,000 00 
20,000 00 
20,000 00 
28,875 00 
20,000 00 
40,000 00 
25,000 00 
24,000 00 
10,000 00 
15,440 27 
20,000 00 

3,987 50 



Market Value. 

$83,296 00 
40,590 40 
17,971 50 

4,078 20 
12,500 00 
11,000 00 
20,976 00 
10,000 00 
20,000 00 
26,010 00 
10,5.44 00 
25,665 00 
28,356 24 
40,480 00 
20,480 00 
20,072 00 
28,875 00 
21,596 00 
41,016 00 
25,695 00 
26,370 40 
10,240 00 
15,874 01 
21,554 00 

4,045 21 



^,713,246 73 $4,871,778 74 



" NEW YORK LIFE INSURANCE COMPANY," NEW YORK, N. Y. 

[Incorporated 1841. Commenced business 1845.] 

John A. McCall, President. Charles C. Whitney, Secretary. 



Income. 

Received for premiums on new policies, . f 4,414,670 28 

Received for renewal premiums, 24,804,458 82 

Dividends applied to pay running premiums, .... 333,368 45 

Dividends applied to purchase paid-up additions and annuities, 354,950 73 

Surrender values applied to pay running premiums, . . 30,013 00 

Received for annuities, . . . . . . . 1,263,324 78 



Total,. . • . 
Deduct amount paid for reinsurance, 



$31,200,786 06 
62,710 42 



Total premium income, 



$31,138,075 64 



142 



NEW YORK LIFE INSURANCE COMPANY. 



Received for interest, .... 
Received for rents of company's property, 
Deposits on registered bond policies, 

Total income, 

Net or ledger assets Dec. 31, 1895, . 



Total, 



. $7,280,862 38 

702,619 98 

18,000 00 

$39,139,558 00 

164,144,305 24 

$203,283,863 24 



Disbursements. 

Paid for losses and additions, 

Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 

Net amount paid for losses and endowments, . 

Paid to annuitants, ......... 

Cash dividends paid policy holders, 

applied to pay running premiums, 
applied to purchase paid-up additions and 
annuities, 

Surrender values paid in cash, 

Surrender values applied to pay running premiums, 

Reserve values paid on matured deferred dividend policies, . 

Instalments paid on trust and registered bond policies, . 



. $9,493,224 23 
. 2,430,881 11 

$11,924,105 34 
30,717 83 



,893,387 51 
1,417,377 99 
1,476,949 64 

333,368 45 

354,950 73 
1,342,766 58 

30,013 00 
1,622,365 00 

12,441 76 



Total paid policy holders, 

Cash paid for commissions and bonuses to agents (new poli- 
cies, $2,726,228.98 ; renewals, $1,464,963.20), . 

for salaries and allowances to managers and agents, 

for medical examiner's fees and inspections, . 

for salaries of officers and home office employees, 

for taxes on new premiums, $35,140.25 ; on re- 
newals, $164,320.93, 

for taxes on investments, $9,929.93 ; on reserves, 
$13,483.64, 

for taxes on real estate, 

for fees, licenses, etc., 

for rent, . 

for advertising, printing, postage, etc., . 

for legal expenses, ...... 

for real estate expenses (except taxes), 

for travelling expenses and incidentals, . 
On account depreciation, . ... 



$18,483,620 66 

. 4,191,192 18 

856,448 67 
372,807 67 
577,921 05 

199,461 18 

23,413 57 
144,473 09 

61,447 78 
269,644 71 
466,898 82 
177,703 44 
162,807 85 
411,114 76 
803,959 78 



Total disbursements, . 
Balance, . , 



$27,202,915 21 



$176,080,948 03 



NEW YORK LIFE INSURANCE COMPANY. 143 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Book value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, ...... 

Agents' balances, 



$16,852,400 00 

. 37,509,910 21 

984,200 00 

. 5,972,778 69 

. 1,023,613 28 

107,570,592 61 

7,839 14 

. 5,393,160 00 

766,454 10 



Total net or ledger assets, as per balance, . . $ 176,080,948 03 

Other Assets. 

Interest due and accrued, . 1,380,733 85 

Rents due and accrued, 41,994 51 

Market value of stocks and bonds over book, .... 5,876,275 18 

New Business. Renewals. 

Uncollected premiums on poli- 
cies in force - $2,718,293 15 

Deferred premiums on policies 

in force, $295,440 00 1,975,922 00 



Total, $295,440 00 $4,694,215 15 

Deduct loading (20 per cent.), 59,088 00 938,843 03 



Net amount of uncollected and 

deferred premiums, . . $236,352 00 $3,755,372 12 



3,991,724 12 

Total assets, per company's books, . . . f 187,371,675 69 

Items not admitted. 
Agents' balances, 766,454 10 



Total admitted assets, . . . . . $186,605,22159 
Deduct special deposits in other States, 9,626,175 63 



Balance, . $176,979,045 96 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . . . $158,632,123 00 
Deduct net value of reinsured risks, 233,778 00 



Net reserve, . . $158,398,345 00 



144 NEW YORK LIFE INSURANCE COMPANY. 

Matured endowments due and unpaid, . . $119,939 61 
Death losses in process of adjustment, . . 1,239,729 74 
Claims resisted by the company, . . . 57,000 00 

Due and unpaid on annuity claims, . . . 95,575 71 

Total policy claims, ..... $1,512,245 06 

Trust funds held by company, . 190,387 38 

Unpaid dividends of surplus due policy holders, . . . 90,981 61 
Premiums paid in advance, ....... 188,816 61 



Liabilities as to policy holders, $160,380,775 66 

Deduct liabilities on special deposits, . . . . . 9,626,175 63 



$150,754,600 03 
Surplus as regards policy holders, 26,224,445 93 



Gross liabilities, $176,979,045 96 



Premium Note Account. 

Premium notes on hand Dec. 31, 1895, . . $879,590 04 
Premium notes received during 1896, old pol- 
icies, . 378,011 65 

Total, $1,257,601 69 

Used in payment of losses and claims, . . $32,638 84 

in purchase of surrendered policies, . 89,034 88 

in payment of dividends to policy holders, 377 11 

Redeemed by maker in cash, .... 111,937 58 

Total, 233,988 41 



Balance note assets Dec. 31, 1896, ..... $1,023,613 28 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

Whole life, . . 211,420 $578,947,600 00 
Endowment, . . .60,497 175,640,942 00 
All other, ..''.'. 5,776 39,947,071 00 
Reversionary additions, . - 4,491,716 00 

277,693 $799,027,329 00 



Policies issued during the Year. 

Whole life, \ . . . 43,329 $91,264,400 00 
Endowment, . . . 10,788 22,962,325 00 
All other, . . . . 272 7,338,262 00 

54,389 121,564,987 00 



NEW YORK LIFE INSURANCE COMPANY. 



145 



Whole life, 
Endowment, 
All other, . 

Additions by dividends, 
Total, . 



Old Policies revived. 

Number. Amount. Total No. 

507 $1,456,500 00 

118 291,500 00 

27 82,500 00 
652 



Total Amount. 



$1,830,500 00 
417,378 00 

332,734 $922,840,194 00 



Policies terminated during the Year. 

Whole life, . . . 26,083 $72,350,500 00 
Endowment, . . . 5,664 16,145,319 00 
All other, .... 1,202 7,527,727 00 





32,949 


$96,023,546 00 




How terminated. 


By death, . 


. 2,964 


$9,578,242 00 


maturity, 


. 826 


2,435,111 00 


expiry, . 


. 520 


3,381,775 00 


surrender, . 


. 5,217 


15,823,322 00 


lapse, . 


. 23,422 


54,211,211 00 


change and decrease, 


- 


10,593,885 00 


Policies in Force Dec. 31, 18 


Whole life, 


227,136 


$594,539,500 00 


Endowment, 


. 65,383 


181,786,448 00 


All other, . 


. 7,266 


45,997,569 00 


Reversionary additions, 


- 


4,493,131 00 



32,949 96,023,546 00 



299,785 826,816,648 00 



Schedule A. 
Securities held as Collateral. 

Market Value. Loaned Thereon. 

Lake Shore & Michigan Southern R.R. bonds, $11,800 00 $10,000 00 

400 shares First National Bank, Macon, Ga., 50,000 00 40,000 00 

Jeffersonville, Madison & Indiana R.R. bonds, 4,480 00 3,700 00 

327 shares Chicago & Alton R.R.,. . . 52,320 00 36,978 00 

1,000 " Brooklyn City R.R., . . . 17,200 00 n 

94 " People's Trust Company, . . 18,800 00 i 30,000 00 

15 " Hamilton Trust Company, . . 3,000 00 ) 

123 " Chicago & Alton R.R., . . . 19,680 00 14,022 00 

600 " American Surety Company, . 54,000 00 45,000 00 

100 " American Telegraph & Cable Co., 8,500 00 4,000 00 

680 " Mercantile National Bank, N. Y., 115,600 00 75,000 00 



146 



NEW YORK LIFE INSURANCE COMPANY. 



Canada Southern R.R. bond, . 
10 shares New York &' Harlem R.R., 

9 " New York, N. H. & Hartford R.R. 

6 " National Park Bank, N. Y., . 
Louisville, New Albany & Chic. R.R. bonds, 
Chicago, Milwaukee & St. Paul R.R. bonds, 
Western R.R. of Minnesota bonds, . 
200 shares Chicago & Alton R.R., . 
500 " Keokuk & Western R.R., 
400 " Buffalo Railway Company, 
Erie R.R. Company bonds, 
400 shares Pullman's Palace Car Co., 
Brunswick & Western R.R. bonds, . 
Savannah, Florida & Western R.R. bonds, 
Savannah, Florida & Western R.R. bonds, 
Charleston & Savannah R.R. bonds, 
Toledo Traction Company bonds, . 



Market Value. Loaned Thereon. 

$1,100 00^ 



1,300 00 I 
1,593 00 | 
1,560 00 J 
5,150 00 n 
1,170 00 V 
1,150 00 ) 
32,000 00 \ 
17,500 00 > 
29,600 00 ) 
96,000 00 
60,400 00 
177,500 00 >j 
111,000 00 ! 
95,000 00 i 
120,000 00 J 
245,000 00 



$3,000 00 

* 

5,000 00 

50,000 00 

80,000 00 
50,000 00 

300,000 00 
237,500 00 



$1,352,403 00 $984,200 00 



Schedule B. 

Stocks and Bonds owned by the 



United States government bonds, 
Alabama State bonds, 
Atlanta City, Ga., bonds, . 
Atlanta City, Ga., water bonds, 
Arizona Territory bonds, . 
Austin City, Texas, water and elec. 
Butler County, Ohio, bonds, 
Callaway County, Missouri, bonds, 
Cuyahoga County, Ohio, bonds, 
Dallas City, Texas, bonds, 
Davidson County, Tenn., bonds, 
Douglass County, Neb., bonds, 
Elizabeth City, N. J., bonds, . 
Essex County, N. J., park bonds, 
Findlay, Ohio, bonds, 
Flatbush, N. Y., water bonds, . 
Fort Worth, Texas, water bonds, 
Galveston City, Texas, bonds, . 
Jersey City, N. J., bonds, 
Jefferson County, Ala., bonds, . 
King's County, N. Y., park bonds, 
Louisiana State bonds, 
Louisville City, Ky., bonds, 
Lincoln County, Wash., bonds, 
Long Island City, N. Y., bonds, 



't b'ds, 



Company. 

Book Value. 

,311,533 42 

39,477 24 

5,098 12 

127,455 94 

15,280 29 
187,025 08 

31,712 76 
120,000 00 
153,235 30 
446,065 83 
253,134 10 

81,585 92 

325,212 00 

1,024,115 17 

30,254 99 

19,667 73 

220,164 95 

173,730 00 

1,338,158 73 

301,949 95 

1,317,190 20 

58,351 83 
650,000 00 

62,564 46 
256,000 00 



Market Value. 

,515,766 67 

50,400 00 

5,137 50 

132,000 00 

15,150 00 
200,000 00 

31,175 00 
120,000 00 
145,000 00 
454,750 00 
254,375 00 

80,000 00 

360,000 00 

1,025,000 00 

30,260 00 

24,250 00 

220,000 00 

175,000 00 

1,436,453 ,80 

304,500 00 

1,291,500 00 

58,350 00 
682,500 00 

63,000 00 
256,000 00 



NEW YORK LIFE INSURANCE COMPANY. 



147 



Madison County, Ala , bonds, 

Middleton, Conn., bonds, , 

Massachusetts State bonds, 

Mississippi State bonds, . 

Montgomery City, Ala., bonds, 

Morris County, N. J., bonds, 

Memphis City, Tenn., bonds, 

New York City bonds, 

Newark, N. J., bonds, 

Nashville City, Tenn., water bonds, 

North Knoxville, Tenn., bonds, 

Ottawa City, Canada, bonds, 

Omaha City, Neb., bonds, 

Petersburg City, Va., bonds, 

Pierce County, Wash., bonds, 

Peoria Township, 111., bonds, 

Quebec, Province of, bonds, 

Quebec City, Canada, bonds, 

Richmond City, Va., bonds, 

Ramsey Co., Minn., bonds, 

Rome, Ga , bonds^ 

Seattle, Wash., bonds, 

St. Joseph, Mo, bonds, 

St. Paul, Minn., bonds, 

Sanitary District of Chicago, 111., bonds, 

San Antonio, Texas, bonds, 

School District, Multnomah Co., Ore., bonds, 

School District, Spokane Co., Wash., bonds, 

School District, Salt Lake City, Utah, bonds, 

Salt Lake City, Utah, bonds, 

Tazewell County, 111 , bonds, 

Tennessee State bonds, 

Utah Territory bonds, 

Waco City, Texas, bonds, 

West Chicago town, 111., bonds, 

Whatcom County, Wash., bonds, 

W 7 hitman County, Wash., bonds, 

Argentine Republic government bonds, 

Brazilian government bonds, . 

Bulgarian government bonds, . 

Cuba bonds, . 

Havana treasury, Cuba, bonds, 

Hungarian government bonds, 

Italian government bonds, 

Prussian government bonds, 

Russian government bonds, 

Servian government bonds, 

Swiss government bonds, 



Book Value. 

$60,286 49 

51,320 40 

200,000 00 

19,617 92 

216,988 11 

356,906 28 

103,305 93 

4,277,159 50 

920,961 08 

300,000 00 

100,000 00 

106,434 04 

8,000 00 

30,000 00 

350,628 36 

99,212 38 

86,164 48 

200,000 00 

290,409 73 

41,386 41 

167,818 14 

499,155 50 

191,020 45 

290,150 64 

1,890,752 20 

265,171 81 

75,647 00 

97,442 06 

232,265 33 

443,794 91 

56,771 33 

612,939 54 

88,071 99 

71,000 00 

426,173 90 

205,558 12 

201,438 31 

24,100 08 

58,571 43 

19,093 63 

24,766 96 

19,346 03 

99,548 25 

808,064 96 

1,035,933 14 

3,078,953 14 

4,219 25 

19,118 58 



Market Value. 

$60,000 00 

51,500 00 

200,000 00 

20,000 00 

210,000 00 

357,875 00 

102,000 00 

4,281,550 00 

969,985 00 

300,000 00 

100,000 00 

107,000 00 

8,000 00 

31,200 00 

355,800 00 

98,980 00 

87,200 00 

205,500 00 

306,000 00 

41,600 00 

168,000 00 

500,000 00 

194,000 00 

322,360 00 

1,904,040 00 

268,000 00 

81,000 00 

96,300 00 

236,900 00 

463,500 00 

60,000 00 

669,600 00 

90,480 00 

71,000 00 

424,350 00 

210,000 00 

207,500 00 

26,643 75 

59,500 00 

19,263 22 

21,350 62 

18,358 36 

122,305 00 

842,621 69 

1,148,582 20 

3,163,974 00 

3,700 78 

19,668 63 



148 



NEW YORK LIFE INSURANCE COMPANY. 



Swedish government bonds, 

Wurtemburg government bonds, 

Adirondack R.R. bonds, . 

Albany & Susquehanna R R. bonds, 

Atlantic & Gulf R.R. bonds, 

Atchison, Topeka & Santa Fe R.R. bonds, 

Burl., Cedar Rapids & Northern R.R. bonds, 

Burlington & Missouri River R.R. bonds, 

Buffalo, New York & Erie R.R. bonds, . 

Canadian Pacific R.R. bonds, . 

Central R.R. & Banking Co. of Ga. bonds, 

Central of Georgia R.R. bonds, 

Central R.R. of New Jersey bonds, . 

Cedar Rap., Iowa Falls & No. W. R.R bonds 

Chateaugay Ore & Iron Co. R.R. bonds, . 

Chicago, Burlington & Quincy R R. bonds, 

Chicago, Milwaukee & St Paul R.R. bonds, 

Chicago & Northwestern R.R. bonds, 

Chic, St. Paul, Minn. & Omaha R.R. bonds, 

Chicago & Western Indiana R.R. bonds, . 

Chicago & Eastern Illinois R.R. bonds, . 

Chicago & St Louis R.R. bonds, 

Chicago, Rock Island & Pacific R R. bonds, 

Chesapeake & Ohio R.R. bonds, 

Cincinnati, Hamilton & Dayton R.R. bonds, 

Cincinnati, Lafayette & Chicago R.R. bonds, 

Cincinnati, Sandusky & ClevePd R.R. bonds, 

Cleveland, Col., Cin. & Ind. R.R. bonds, . 

Cleveland, Loraine & Wheeling R.R. bonds, 

Denver & Rio Grande R.R. bonds, . 

Detroit & Mackinac R.R. bonds, 

Del. & Hudson Canal Co. R.R. bonds, 

Evansville & Ind. R.R. bonds, . 

Evansville & Terre Haute R.R. bonds, 

Evansville, Terre Haute & Chic. R.R bonds, 

East Tenn., Virginia & Georgia R.R. bonds, 

Flint & Pere Marquette R.R. bonds, 

Fremont, Elkhorn & Mo Valley R.R. bonds, 

Illinois Central R.R. bonds, 

Indianapolis & St. Louis R.R. bonds, 

Iowa Midland R.R. bonds, 

Kal., Allegan. & G. R. R.R. bonds, . 

Kansas City Cable R.R. bonds, 

Kan. City, St. Joseph & Coun. Bluffs R.R. b'ds, 

Lake Shore & Michigan Southern R.R. bonds, 

Long Dock Co. R.R. bonds, . 

Lowell & Suburban RR. bonds, 

Louisiana Western R.R. bonds, 



Book Value. 

$89,894 12 
47,134 32 
973,319 04 
861,842 80 
114,000 00 
1,117,188 75 
120,376 93 
539,649 58 
62,859 15 
1,067,046 80 
893,168 62 
1,033,518 08 
2,416,076 56 
451,361 81 
495,476 76 
1,709,278 36 
1,256,422 67 
6,029,732 63 
1,187,053 28 
^1,142,851 13 
310,428 93 
275,007 22 
243,323 19 
616,068 43 
985,166 20 
174,042 30 
593,074 98 
1,299,318 01 
573,871 62 
709,574 21 
47,000 00 
283,913 01 
675,303 37 
528,917 29 
30,845 31 
488,581 54 
116,607 26 
1,174,117 92 
300,000 00 
154,984 49 
54,408 08 
177,540 52 
45,000 00 
154,634 95 
2,243,244 59 
1,211,645 06 
691,864 16 
313,081 61 



Market Value. 

$94,724 00 
46,350 50 
959,500 00 
950,730 00 
114,000 00 
1,132,140 00 
143,680 00 
540,000 00 
65,708 33 
1,072,440 00 
935,000 00 
1,215,000 00 
2,760,000 00 
483,875 00 
460,000 00 
1,725,000 00 
1,302,660 00 
6,295,795 00 
1,323,000 00 
1,296,880 00 
329,600 00 
270,000 00 
252,500 00 
682,500 00 
1,030,000 00 
177,100 00 
586,300 00 
1,570,000 00 
590,000 00 
773,885 00 
48,600 00 
336,000 00 
530,400 00 
462,262 50 
30,000 00 
530,250 00 
112,500 00 
1,260,000 00 
300,000 00 
164,895 00 
56,000 00 
175,770 00 
45,000 00 
168,000 00 
2,402,833 33 
1,310,000 00 
700,000 00 
315,000 00 






NEW YORK LIFE INSURANCE COMPANY. 



149 



Louisiana & Missouri River R.R. bonds, . 
Louisville & Frankfort & Lex. & F. R.R. b'ds, 
Louisville & Nash., Mobile & Mont'y R.R. b'ds, 
Lehigh Valley Railway bond, . 
Mahoning Coal R.R. bonds, 
Maysville & Lexington R.R. bonds, 
Metropolitan Elevated R.R. bonds, . 
Memphis & Charleston R R. bonds, . 
Michigan Central R.R. bonds, . 
Milwaukee & Northern R.R. bonds, . 
Minneapolis Union R.R. bonds, 
Milwaukee Electric R'y & Light Co. bonds, 
Morgan's Louisiana & Texas R.R. bonds, 
Midland of New Jersey R.R. bonds, 
Midland Terminal R.R. bonds, . 
Missouri Pacific R.R. bonds, 
N. Y. Central & Hudson River R.R. bonds, 
New York & Harlem R.R bonds, 
New York, Lake Erie & Western R.R. bonds, 
N. Y., L. E. & West. Docks & Imp't Co. bonds, 
New York, Lackawanna & Western R.R. bonds, 
New York, Susq. & Western R.R. bonds, 
Nashville, Chatt. & St. Louis R.R. bonds, 
Northern Pacific R.R. bonds, 
Northern Illinois R R. bonds, . 
Northwestern Grand Trunk R.R. bonds, . 
Ohio, Indiana & Western R.R. bonds, 
Peoria, Decatur & Evansville R.R. bonds, 
Philadelphia & Reading R.R. bonds, 
Philadelphia and Reading Car Trust bonds, 
Pittsburg, Cin. & St. Louis R.R. bonds, . 
Pitts., Cin., Chic. & St. Louis R.R. bonds, 
Rensselaer & Saratoga R R. bonds, . 
Rochester & Pittsburgh R.R. bonds, 
South Carolina & Georgia R.R. bonds, 
St. Paul, Minneapolis & Manitoba R.R. bonds 
St. Paul & Northern Pacific R.R. bonds, . 
Savannah, Florida & Western R.R. bonds, 
Taunton Street Railway bonds, 
Taylor's Falls & Lake Superior R.R. bonds, 
Toledo & Ohio Central R R. bonds, . . 
Toledo Traction Co. bonds, 
Terre Haute & Indianapolis R.R. bonds, . 
Texas & New Orleans R.R. bonds, . 
Union Railway Company, N. Y., bonds, . 
Virginia & Tennessee R.R. bonds, . 
West Shore R.R. bonds, .... 
Western Transit Company R.R. bonds, . 



Book Value. 

$257,672 98 

172,000 00 

1,035,359 82 

1,816,816 15 

363,346 51 

42,901 36 

319,278 65 

284,077 15 

53,796 97 

57,484 37 

510,873 38 

245,038 16 

873,633 28 

341,492 20 

30,141 33 

1,033,932 54 

1,007,115 36 

1,014,720 13 

2,322,657 67 

1,556,654 85 

937,904 40 

225,889 98 

338,861 10 

1,730,174 25 

497,906 91 

45,508 93 

307,741 90 

144,745 54 

233,918 22 

50,000 00 

52,766 18 

1,004,668 94 

9,477 59 

187,389 36 

181,048 48 

2,422,211 69 

1,273,251 40 

549,972 46 

326,602 14 

211,826 46 

248,762 27 

231,680 47 

124,481 86 

304,448 81 

49,737 55 

60,623 98 

947,798 15 

90,000 00 



Market Value. 

$253,650 00 

172,000 00 

1,035,000 00 

1,890,000 00 

450,000 00 

43,290 00 

372,360 00 

250,000 00 

57,000 00 

57,500 00 

535,500 00 

245,000 00 

900,000 00 

368,000 00 

30,000 00 

840,000 00 

1,160,000 00 

1,100,000 00 

2,720,000 00 

1,530,000 00 

1,310,000 00 

250,000 00 

345,625 00 

1,866,000 00 

525,000 00 

43,680 00 

311,250 00 

133,950 00 

236,016 67 

50,000 00 

54,000 00 

1,060,000 00 

12,945 00 

193,000 00 

195,526 67 

2,552,500 00 

1,440,000 00 

552,500 00 

341,250 00 

224,700 00 

262,500 00 

237,500 00 

122,222 32 

297,150 00 

51,000 00 

60,900 00 

1,040,000 00 

91,800 00 



1 50 NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 



Wheeling & Lake Erie R.R. bonds, . 
Will mar & Sioux Falls R.R. bonds, . 
Worcester & Suburban St. R'y bonds, 
American Safe Deposit Co. bonds, . 
American Dock & Imp. Co. bonds, . 
Brookline Gas Light Co. bonds, 
Brooklyn Union Gas Light Co. bonds, 
Equitable Gas Light Co., New York, bonds, 
Madison Sq. Garden Co., New York, bonds, 
People's Gas Light & Coke Co. of Chic, bonds 
St. Paul, Minn., Gas Light Co. bonds, 
Union Sav. B. &T.Co , Tacoma, Wash., bonds 
Western Union Telegraph Co. bonds, 
1,1331 shares Evansville & Terre Haute R.R. 



1,000 

1,000 

6,249 

1,500 

5,000 

100 

187 

11 

39 

2,750 

5,410 

700 

10 



Chicago, Mil. & St. Paul R.R., 
Chicago & Northwestern R.R., 
Atch., Top. & Santa Fe R'y Co. 
Ft. Wayne & Jackson R R., 
Valley R.R., 

American Ex. Nat 1 l Bank, N. Y. 
Merchants' Nat'l Bank, N. Y., 
N'l Bank of the Republic, N. Y. 
Bank of America, New York, 
Central Nat'l Bank, New York, 
N. Y. Security & T. Co., N. Y., 
Mackey-Nesbitt Compan}% . 
R 1 ! Es. Ex. & Auc. R'm, LU, N.Y. 



Book Value. 

$382,192 67 
478,802 96 
100,000 00 

52,538 44 
400,892 00 
248,958 35 
531,769 39 
144,552 19 
749,182 33 
585,754 80 
824,438 19 
356,000 00 
427,942 18 

37,966 66 
124,275 00 
1,533,472 92 
124,980 23 
168,656 90 
502,500 00 

10,025 00 

11,112 58 

907 50 

4,804 00 

330,000 00 

841,729 00 

13,300 00 
1,000 00 



Market Value. 

$395,000 00 
525,000 00 
100,000 00 

52,500 00 
448,000 00 
250,000 00 
525,000 00 
145,550 00 
790,195 00 
668,287 50 
826,000 00 
356,000 00 
463,050 00 

15,300 00 
130,000 00 
1,795,000 00 
134,353 50 
180,000 00 
537,500 00 

16,500 00 

12,856 25 
1,650 00 

12,675 00 

330,000 00 

1,487,750 00 

14,000 00 
750 00 



1107,570,592 61 $113,446,867 79 



"NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY," 

MILWAUKEE, WIS. 

[Incorporated March, 1857. Commenced business Nov. 25, 1858.] 

H. L. Palmer, President. J. W. Skinner, Secretary. 



Income. 

Received for premiums on new policies, 

Received for renewal premiums, 

Dividends applied to pay running premiums, . 
Dividends applied to purchase paid-up additions and annuities, 
Surrender values applied to pay running premiums, 
Surrender values applied to purchase paid-up insurance and 

annuities, 

Received for annuities, . ■ 



Total premium income, 



. fl,575,905 57 


11,328,151 


30 


845,682 


63 


196,044 


96 


3,298 


13 


i. 

302,332 


99 


11,750 


26 


$14,263,165 


84 






NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 151 



Received for interest, 

as discount on claims paid in advance, 
for rents of company's property, 

Premium notes or loans restored, 

Profit and loss account, 

Total income, .... 
Net or ledger assets Dec. 31, 1895, . 

Total, . . . 



4,174,418 14 

8,291 18 

124,803 99 

5,481 06 

13,668 25 

$18,589,828 46 

. 79,120,871 13 

$97,710,699 59 



Disbursements 

Paid for losses and additions, . 

for matured endowments and additions, 
on matured instalment policies, 

Gross amount paid for losses and endowments, 

Paid to annuitants, 

Premium notes or loans voided by lapse, 

Dividends paid policy holders, 

applied to pay running premiums, 
applied to purchase paid-up additions and annui 
ties, . . . 

Surrender values paid, 

applied to pay running premiums, 
applied to purchase paid-up insurance 
annuities, . 



Total paid policy holders, 

Cash paid for commissions to agents (new policies, 
835.90; renewals, $817,499.84), . 

for medical examiner's fees and inspections, 

for salaries of officers and home office empl 

for taxes on premiums, . 

for taxes on reserves, 

for taxes on real estate, . 

for fees, licenses, etc., 

for rent, .... 

for commuting commissions, 

for advertising, printing and postage, 

for legal expenses, . . 

for furniture and office fixtures, 

for real estate expenses (except taxes), 

for loss on sales of property, . 

for incidentals, . . ... 

for premiums on bonds purchased, 
Profit and loss account, 



$773, 



Total disbursements, 
Balance, 



and 



oy 



ees 



3,242,319 08 

802,010 00 

14,341 66 

4,058,670 74 

3,086 28 

10,881 68 

330,900 02 

845,682 63 

196,044 96 

574,631 06 

3,298 13 

302,332 99 
16,325,528 49 

1,591,335 74 

119,198 78 

326,739 48 

151,637 41 

8,238 58 

56,562 59 

15,036 49 

33,000 00 

28,209 85 

107,148 75 

39,993 80 

4,419 11 

24,909 85 

100 00 

48,065 69 

100,552 89 

166,105 93 



1,146,783 43 
,563,916 16 



152 NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 



Invested in the following' : — 



Assets as per Ledger Accounts 



Value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on company's policies assigned as collateral, 
Premium notes or loans on policies in force, . 
Par value of bonds owned (schedule A), 
Cash in company's office, ...... 

Cash deposited in bank, . 

Agents' debit balances, etc., . . 



Total, 

Deduct agents' credit balances, $25,864.55; bills pay 
$10,119.80, . 



Total net or ledger assets, as per balance, 



. fl,814,791 33 

. 66,871,974 65 

3,817,235 00 

386,394 03 

13,771,865 00 

126,840 72 

1,794,443 36 

16,356 42 

$88,599,900 51 



able, 



35,984 35 



$88,563,916 16 



Other Assets. 

Interest due and accrued, 1,631,851 44 

Rents due and accrued, 9,155 86 

Market value of bonds over par, 841,905 96 



New Business. Renewals. 

$290,278 00 $437,850 00 
131,241 00 1,043,396 00 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, ..... 

Total, . . 
Deduct loading (20 per cent.), 

Net amount of uncollected and 

deferred premiums, . . $337,215 20 $1,184,996 80 

Total assets, per company's books, . 



$421,519 00 $1,481,246 00 
84,303 80 296,249 20 



■ 1,522,212 00 
$92,569,041 42 



Items not admitted. 
Agents' debit balances, etc., . 



Total admitted assets, 
Deduct special deposits in other States, . 

Balance, ...... 



16,356 42 

$92,552,685 00 
121,566 66 

$92,431,118 34 



NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 153 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries 1 4 per cent.), . . . $72 
Present value of unpaid instalments, 

Death losses due and unpaid, .... f 39,735 50 
Matured endowments due and unpaid, . . 35,835 00 

Death losses in process of adjustment, . . 184,856 00 
Claims resisted by the company, . . . 22,700 00 

Due and unpaid on annuity claims, . . . 126 61 

Total policy claims, .... 
Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, 
Due for fees, expenses, etc., 
Reserve for paid-up insurance claimable, 

Liabilities as to policy holders, . 
Deduct liabilities on special deposits, 



,290,971 00 
86,276 47 



Surplus as regards policy holders, . 
Gross liabilities, , 



- 283,253 11 

102,170 00 

6,000 00 

43,222 42 

367,707 00 

$73,179,600 00 
77,525 00 

$73,102,075 00 
. 19,329,043 34 

$92,431,118 34 



Premium Note Account. 



Premium notes on hand Dec. 31, 1895, 

rec'd during 1896 (old policies), 
restored by revival of policies, 

Total, 

Used in payment of losses and claims, . 
Used in purchase of surrendered policies, 

Voided by lapse, 

Used in payment of dividends to policy holders, 
Redeemed by maker in cash, . 

Total, ........ 

Balance note assets Dec. 31, 1896, 



$418,301 84 

82,243 29 

5,481 06 



,435 44 

7,356 76 

10,881 68 

56,902 71 

25,055 57 



$506,026 19 



119,632 16 



f386,394 03 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

Whole life, ... . 121,468 $283,836,441 00 
Endowment, . . . 32,191 71,376,961 00 
All other, . . . . 2,126 9,045,833 00 

155,785 $364,259,235 00 



154 NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 



Policies issued during the Year. 








Number. 


Amount. Total No. 


Total Amount. 


Whole life, 


. 13,990 


$30,375,569 00 




Endowment, 


. 6,615 


14,869,506 00 




All other, . 


. 1,747 


5,150,080 00 








22,352 


S50,395,155 00 



Whole life, 
Endowment, 
All other, . 



Old Policies revived. 



199 


$494,314 00 






77 


136,721 00 






31 


66,550 00 








_ 


307 


697,585 00 



Old Policies increased. 



Whole life, 
Endowment, 
All other, . 



Total, 178,548 $417,634,802 00 



63 


$175,518 00 






41 


99,869 00 






- 


2,007,440 00 










104 


2,282,827 00 







Whole life, 
Endowment, 
All other, . 



Policies terminated during the Year. 

. 8,762 $20,737,129 00 
. 3,252 7,415,311 00 
. 1,119 5,314,533 00 





13,133 


$33,466,973 00 




How terminated. 


By death, . 


1,354 


$3,307,753 00 


maturity, 


348 


824,046 00 


expiry,. 


213 


2,648,613 00 


surrender, . 


3,114 


4,677,932 00 


lapse, . 


5,684 


11,463,835 00 


change and decrease, . 


21 


4,314,949 00 


Not taken, . 


. 2,399 


6,199,845 00 



13,133 33,466,973 00 



Whole life, 
Endowment, 
All other, . 



Policies in Force Bee. 31, 1896. 

. 126,958 $294,144,713 00 
. 35,672 79,067,746 00 
. 2,785 10,955,370 00 
165,415 



384,167,829 00 






NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 155 



Schedule A. 

Bonds owned by the Company, 



Adams County, Neb., bonds, 
Alabama State bonds, 
Albion, Mich., bonds, 
Anderson County, Kan., bonds, 
Athens County, Ohio, bonds, 
Atlantic City, N. J., bonds, 
Bay County, Mich., bonds, 
Beatrice, Neb., bonds, 
Beloit, Wis., bonds, . 
Berkley, Va., bonds, . 
Bexar County, Texas, bonds, 
Birmingham, Ala., bonds, 
Blackford County, Ind., bonds, 
Boone County, Neb., bonds, 
Buffalo County, Wis., bonds, 
Canton Union Sch. Dist., Fulton Co 
Calhoun County, Iowa, bonds, . 
Cedar Rapids, Iowa, bonds, 
Cheyenne, Wyo , bonds, . 
Clay County, Minn., bonds, 
Clinton, Iowa, school district bonds, 
Colorado Springs, Colo., bonds, 
Dallas, Texas, bonds, 
Dallas County, Texas, bonds, . 
Davidson County, Tenn., bonds, 
Dayton, Ohio, bonds, 
Dearborn County, Ind., bonds, . 
Denton County, Texas, bonds, . 
Denver, Colo , bonds, 
De Witt County, Texas, bonds, 
Dodge County, Neb., bonds, 
Douglas County, Neb., bonds, . 
Duluth, Minn., school district bonds 
Ellis County, Texas, bonds, 
El Paso County, Colo., bonds, . 
Elwood Township, 111., bonds, . 
Emmett County, Iowa, bonds, . 
Evanston, 111., bonds, 
Fayette County, Ind., bonds, . 
Fillmore County, Neb., bonds, . 
Fort Worth, Texas, bonds, 
Frankfort, Ind., bonds, 
Fremont, Neb., bonds, 
Gage County, Neb., bonds, 



111 



b'ds 



Par Value. 

$40,000 00 

95,000 00 

50,000 00 

25,000 00 

100,000 00 

100,000 00 

115,000 00 

63,000 00 

22,000 00 

25,000 00 

382,000 00 

110,000 00 

114,000 00 

20,000 00 

6,000 00 

18,000 00 

15,000 00 

10,000 00 

71,500 00 

40,000 00 

38,000 00 

300,000 00 

66,000 00 

286,000 00 

265,000 00 

161,000 00 

24,000 00 

8.9,000 00 

269,000 00 

60,000 00 

50,000 00 

117,000 00 

150,000 00 

150,000 00 

38,000 00 

9,000 00 

20,000 00 

49,500 00 

25,000 00 

50,000 00 

69,000 00 

12,000 00 

35,000 00 

48,000 00 



Market Value. 

$ 41, 704 00 

101,013 50 

56,650 00 

28,992 50 

110,666 67 

105,640 00 

123,303 67 

69,083 33 

23,215 42 

28,307 50 

408,991 10 

118,800 00 

124,415 10 

23,700 00 

6,430 40 

19,889 80 

15,537 00 

10,176 00 

77,034 10 

44,982 67 

38,665 00 

318,755 70 

66,660 00 

299,552 27 

283,151 17 

173,518 60 

26,480 40 

92,694 48 

270,793 33 

65,710 00 

52,130 00 

121,598 10 

168,775 00 

159,226 67 

40,586 53 

9,364 05 

20,350 00 

50,663 75 

27,336 00 

51,615 00 

78,273 60 

12,925 10 

36,150 33 

49,844 80 



156 NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 



Galveston County, Texas, bonds, 

Galveston, Texas, bonds, . 

Greene County, Ind., bonds, 

Greenfield, Ind., bonds, 

Hale County, Ala., bonds, 

Hamilton, Ohio, bonds, 

Hamilton County, Tenn., bonds, 

Harris County, Texas, bonds, . 

Hennepin County, Minn., bonds, 

Hancock County, Ind., bonds, . 

Henry County, Ohio, bonds, 

Hopkins County, Texas, bonds, 

Idaho State bonds, 

Jasper County, Ind., bonds, 

Kansas City, Mo., bonds, . 

Kearney, Neb., bonds, 

Kenton Union School Dis., Hardin Co., O. 

La Porte County, Ind., bonds, . 

La Porte, Ind., bonds, 

Los Animas County, Colo., bonds, 

Lebanon Village, Ohio, bonds, . 

Lincoln, Neb., bonds, 

Madison County, Ala., bonds, . 

Manchester, Va., bonds, . 

Marion County, Iowa, bonds, . 

Marion County, Ind., bonds, 

Marion County, Kan., bonds, . 

McCracken County, Ky., bonds, 

Medina County, Ohio, bonds, . 

Medina County, Texas, bonds, . 

Menard County, 111., bonds, 

Menominee, Mich., bonds, 

Mercer County, Ohio, bonds, 

Milam County, Texas, bonds, . 

Milwaukee, Wis , bonds, . 

Montgomery County, Ala., bonds, 

Monroe County, Ind., bonds, 

Monroe County, Wis., bonds, . 

Morrison County, Minn., bonds, 

Muskingum County, Ohio, bonds, 

Nashville, Tenn., bonds, .. 

Neenah, Wis., bonds, 

Newark Township, Ohio, bonds, 

North Chicago, 111., bonds, 

O'Brien County, Iowa, bonds, . 

Omaha, Neb., bonds, 

Omaha, Neb., school district bonds, 

Osage County, Kan., bonds, 



b'ds 



Par Value. 

$100,000 00 

50,000 00 

40,000 00 

23,000 00 

21,500 00 

50,000 00 

120,000 00 

100,000 00 

200,000 00 

35,000 00 

20,000 00 

65,000 00 

97,000 00 

82,500 00 

65,000 00 

17,000 00 

45,000 00 

126,000 00 

20,000 00 

119,500 00 

30,000 00 

25,000 00 

22,500 00 

32,500 00 

18,000 00 

55,000 00 

43,000 00 

200,000 00 

13,000 00 

18,000 00 

50,000 00 

44,000 00 

25,000 00 

106,300 00 

853,000 00 

100,000 00 

23,000 00 

45,000 00 

25,000 00 

50,000 00 

240,000 00 

60,000 00 

30,000 00 

30,000 00 

81,000 00 

80,000 00 

34,000 00 

20,000 00 



Market Value. 

$107,551 10 
55,380 00 
42,260 50 

27.090 90 
23,357 60 
55,637 00 

127,548 00 

106,671 10 

210,205 00 

36,692 50 

20,712 00 

68,822 82 

107,805 80 

86,575 50 

70,765 00 

20,967 80 

52.419 75 
133,259 70 

20,783 67 
127,016 55 
33,572 55 
26,262 50 
25,555 50 
34,862 75 
18,577 50 
58,047 00 
51,233 06 
219,003 33 
13,421 18 
18,780 00 
53,338 08 
48,730 00 

26.420 80 
112,539 00 
883,618 60 
114,564 00 

25,603 00 

48.091 00 
27,844 17 
52,295 00 

252,355 00 
65,324 00 
32,334 37 
32,970 00 
81,945 00 
83,117 20 
37,658 40 
21,992 00 



NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 157 



Osceola County, Iowa, bonds, . 
Ottawa, 111., bonds, . 
Paris, 111., school district bonds, 
Parkersburg, W. Va., bonds, . 
Pasadena, Cal., bonds, 
Pasadena, Cal., school district bonds 
Pickaway County, Ohio, bonds, 
Polk County, Neb., bonds, 
Pittsylvania County, Va., bonds, 
Pulaski County, Ind., bonds, . 
Red Wing, Minn., bonds, . 
Reno County, Kan , bonds, 
Richland County, Wis , bonds, . 
Richmond, Va., bonds, 
Rush County, Ind., bonds, 
San Antonio, Texas, bonds, 
St. Croix County, Wis , bonds, . 
St. Louis County, Minn., bonds, 
Saunders County, Neb., bonds, 
Seymour, Ind., bonds, 
Sheboygan, Wis., bonds, . 
Spokane, Wash., bonds, . 
Spokane County, Wash., bonds, 
Springfield, 111., bonds, 
Tarrant County, Texas, bonds, 
Tippecanoe County, Ind., bonds, 
Tipton County, Ind., bonds, 
Toledo, Ohio, bonds, 
Tuscola, 111., bonds, . 
United States bonds, . ' 

Wabash County, Ind., bonds, 
Waco, Texas, bonds, 
Walla Walla County, Wash., bonds, 
Washington County, Neb., bonds, 
Waukesha County, Wis., bonds, 
Waupun, Wis., bonds, 
West Chicago, 111., bonds, 
White County, Ind., bonds, 
Williamson County, 111., bonds, 
Williamson County, Texas, bonds, 
Winston, N. C, bonds, 
Woodbury County, Iowa, bonds, 
Wyandotte County, Kan., bonds, 
Youngstown, Ohio, bonds, 



Par Value. 

$50,000 00 

60,000 00 

20,000 00 

28,000 00 

28,000 00 

40,000 00 

40,000 00 

10,000 00 

50,000 00 

40,000 00 

49,000 00 

95,000 00 

40,000 00 

100,000 00 

160,000 00 

12,000 00 

55,000 00 

50,000 00 

6,000 00 

25,000 00 

85,000 00 

310,000 00 

50,000 00 

12,700 00 

279,865 00 

175,000 00 

85,000 00 

120,000 00 

20,000 00 

1,950,000 00 

20,000 00 

71,000 00 

80,000 00 

74,000 00 

20,000 00 

31,000 00 

1,120,000 00 

44,000 00 

89,000 00 

33,500 00 

60,000 00 

303,000 00 

204,000 00 

25,000 00 



Market Value. 

$51,530 00 
66,906 00 
21,642 70 
31,273 20 
30,105 13 
43,862 00 

43.141 40 
12,150 00 
62,330 00 
43,717 33 
53,546 00 

110,297 00 
42,956 00 

102,000 00 

176,702 67 
15,237 60 
59,598 00 
55,085 00 
6,600 00 
26,928 50 
88,100 58 

373,643 00 
55,750 00 
13,219 01 

291,814 16 

183,357 22 
95,888 70 

125,091 00 
21,108 00 
2,238,366 67 
20,503 67 
84,470 20 
83,269 33 
80,497 20 

21.285 00 

33.142 20 
1,154,832 00 

45,148 10 
94,507 00 

35.286 67 
68,260 00 

312,014 02 

223,768 95 

27,507 00 



Deduct interest, 



$13,771,865 00 $14,881,368 13 
267,597 17 



$14,613,770 96 



158 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 



"THE PENN MUTUAL LIFE INSURANCE COMPANY," 
PHILADELPHIA, PA. 

[Incorporated Feb. 24, 1847. Commenced business May 25, 1847.] 

Edward M. Needles, President. Henry C. Brown, Secretary. 



Income. 

Received for premiums on new policies, .... 
Received for renewal premiums, ..... 
Dividends applied to pay running premiums, . 
Dividends applied to purchase paid-up additions and annuities 
Surrender values applied to pay running premiums, 
Surrender values applied to purchase paid-up insurance and 

annuities, 

Received for annuities, 



Total,. . . . ■ . 
Deduct amount paid for reinsurance, 

Total premium income, 
Received for interest, 
Received for rents of company's property, 
Profit on securities sold, . 
Profit and loss account, 

Total income, .... 
Net or ledger assets Dec. 31, 1895, . 



Total. 



$576,942 39 

3,886,732 54 

677,713 83 

94,519 00 

58,121 85 

206,152 00 
54,804 92 

$5,554,986 53 
2,685 18 

$5,552,301 35 

1,329,152 01 

56,014 68 

17,972 32 

4,299 05 

$6,959,739 41 
26,294,429 70 

133,254,169 11 



Disbursements. 

Paid for losses and additions, . 

for matured endowments and additions, . 
on matured instalment policies and additions, 

Gross amount paid for losses and endowments, 

Paid to annuitants, 

Premium notes or loans voided by lapse, 

Cash dividends applied to pay running premiums, 

Cash dividends applied to purchase paid-up additions and 

annuities, . . 

Surrender values paid in cash, 

applied to pay running premiums, 
applied to purchase paid-up insurance and 
annuities, . . . 

Total paid policy holders, 



1,701,116 06 

389,085 00 

10,202 67 

>,100,403 73 
16,322 16 

48,267 35 
677,713 83 

94,519 00 

404,582 20 

58,121 85 

206,152 00 
1,606,082 12 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 



159 



Cash paid for commissions and bonuses to agents (new poli- 
cies, $274,762.46 ; renewals, f 246,110.59), . 

for salaries and allowances to managers and agents, 

for medical examiner's fees and inspections, . 

for salaries of officers and home office employees, 

for taxes on premiums, 

for taxes on investments, $68,242.66 ; on reserves, 
$6,296.55, 

for taxes on real estate, . 

for fees, licenses, etc., 

for rent, .... 

for commuting commissions, 

for advertising and printing, 

for legal expenses, . 

for furniture and office fixtures, 

for real estate expenses (except taxes), 

for incidentals, 
On account of depreciation, 

Total disbursements, . 



Balance, 



$520,873 05 

80,712 15 

46,872 46 

123,466 11 

67,486 04 

74,539 21 

32,746 40 

14,435 31 

34 922 42 

227 12 

32,085 25 

17,515 43 

3,020 64 

4,783 84 

63,830 85 

153,032 62 

. $4,876,631 02 

$28,377,538 09 



Invested in the following 



Assets as per Ledger Accounts. 

Cost of real estate, . . . . . . . . . $2,019,306 48 

Loans on mortgage of real estate (first liens), . . . 11,874,472 64 

on collateral security (schedule A), . . . 3,436,295 88 

on company's policies assigned as collateral, . . 2,105,297 00 

Premium notes or loans on policies in force, .... 878,607 08 

Book value of stocks and bonds owned (schedule B), . . 7,463,909 31 

Cash in company's office, , > . . 45,080 12 

Cash deposited in bank, . , 349,000 00 

Bills receivable, 103,719 02 

Agents' debit balances, 2,311 82 

Cash notes taken for premiums, 103,213 31 

Total, $28,381,212 66 

Deduct agents' credit balances, 3,674 57 



Total net or ledger assets, as per balance, 



$28,377,538 09 



Other Assets. 

Interest due and accrued, . . . . 

Rents clue and accrued, 

Market value of stocks and bonds over book, . 



317,338 68 

7,898 05 

38,134 33 



160 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, ..... 

Total, ..... 
Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. Renewals. 

$93,116 64 $243,219 77 
53,953 75 377,476 49 



$147,070 39 $620,696 26 
29,414 08 124,139 25 



$117,656 31 $496,557 01 



f614,213 32 



Total assets, per company's books, 



$29,355,122 47 



Items not admitted. 



Agents' debit balances, 

Bills receivable, .... 

Loan in excess of market value, 

Total, ...... 

Total admitted assets, 
Deduct special deposits in other States, 



Balance, 



|2,311 82 

103,719 02 

5,450 00 



111,480 84 



$29,243,641 63 
11,050 00 

$29,232,591 63 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . . . $25,500,562 00 



Deduct net value of reinsured risks, 

Net reserve, ...... 

Present value of unpaid instalments, 

Death losses in process of adjustment, 

Trust funds held by company, .... 

Unpaid dividends of surplus due policy holders, 
Life rate endowment fund, .... 

Premiums paid in advance, .... 

Scrip outstanding, 

Liabilities as to policy holders, . 
Deduct liabilities on special deposits, 



Surplus as regards policy holders, . 
Gross liabilities, 



58,503 00 

$25,442,059 00 
83,515 00 
137,795 00 
18,958 00 
58,075 58 
777,745 16 
22,221 71 
8,580 00 



,548,949 4$ 
11,050 00 



$26,537,899 45 
. 2,694,692 18 

$29,232,591 63 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 



161 



Premium Note Account. 



Premium notes on hand Dec. 31, 1895, 
Premium notes received during 1896 (new poli 
cies, $5,172 ; old policies, $272,959.34), 

Total, . . 

Used in payment of losses and claims, . 
Used in purchase of surrendered policies, 

Voided by lapse, 

Used in payment of dividends to policy holders 
Redeemed by maker in cash, . 

Total, 

Balance note assets Dec. 31, 1896, 



$803,942 20 

278,131 34 

$36,228 17 
32,358 06 
48,267 35 
75,673 74 
10,939 14 



$1,082,073 54 



203,466 46 
$878,607 08 



Exhibit of Policies. 





Policies and Additions in Force Dec. 3 


2, 1895. 






Number. Amount. 


Total No. 


Total Amount. 


Whole life, 


. . 33,569 $87,208,118 00 






Endowment, 


. 15,707 35,094,276 00 






All other, . 


. 2,468 7,109,978 00 






Reversionary 


additions, . - 733,945 00 


51,744 $130,146,317 00 








Policies issued during the Year 






Whole life, 


. 5,342 $12,804,091 00 






Endowment, 


. 2,003 4,937,317 00 






All other, . 


653 2,214,344 00 


7,998 


19,955,752 00 








Old Policies revived. 






Whole life, 


494 $829,447 00 






Endowment, 


329 286,757 00 






All other, . 


881 2,495,423 00 


1,704 


3,611,627 00 








Old Policies increased. 






Whole life, 


9 $24,752 00 






Endowment, 


7 27,675 00 






All other, . 


6 15,500 00 







22 



Additions by dividends, 



67,927 00 
171,426 00 



Total 61,468 $153,953,049 00 

Policies terminated during the Year. 

Whole life, . . . 4,249 $10,946,387 00 
Endowment, . . . 1,889 4,494,246 00 

All other, .... 1,264 3,917,546 00 



7,402 $19,358,179 00 



162 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 





How terminated. 








Number. 


Amount. ' 


Dotal No. 


Total Amount. 


By death, . 


626 


$1,739,479 00 






maturity, 


139 


389,410 00 






expiry, 


418 


1,281,000 00 






surrender, . 


. 1,671 


3,820,532 00 






lapse, . 


. 3,010 


7,299,136 00 






change and decrease, . 35 


539,911 00 






Not taken, 


. 1,503 


4,288,711 00 


7,402 


$19,358,179 00 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



Policies in Force Dec. 31, 1896. 

. 35,165 $89,920,021 00 

. 16,157 35,851,779 00 

. 2,744 7,969,794 00 

853,276 00 



54,066 134,594,870 00 



Schedule A. 
Securities held as Collateral. 



Paid-up policy, . . . 

Phila., Reading & New England R.R. bonds, 

Lynchburg & Durham R.R bonds, . 

265 shares Minnesota Title Ins. & Trust Co 
A. & P.Roberts Co. (Pencoyd Iron W'ks) b'ds 
Clearfield & Jefferson Railway Co. bonds, 

100 shares Cambria Iron Company, 
40 " Fid'ity Ins., Tr't & Safe Dep. Co. 

500 " Philadelphia Traction Company, 
Electric & People's Traction Co. trust cert's 

200 shares North Chic. Street Railway Co , 

269 " United Gas Imp. Co., . 
Consolidated Traction Co. of N. J. bonds, 

200 shares Consolidated Traction Co. of N. J 
Choctaw, Oklahoma & Gulf R.R. Co. bonds, 

100 shares Philadelphia Traction Co., . 

920 •■ Union Traction Co., 

600 " Philadelphia & Reading R.R. Co 
1,125 " Cambria Iron Co., 
Assignment of policies, .... 
Phila. & Reading Del. River Ter. Ext. bonds, 
Philadelphia & Reading R.R. Co. bonds, . 
Northern Pacific land grant bonds, . 
City of Lynchburg, Va., bonds, 

50 shares Phila. Trust, Safe Dep. & Ins. Co. 
Hutchinson Water, Light & Power Co. bonds 



Market Value. 

$5,370 00 

13,300 00 

58,080 00 

13,250 00 

125,000 00 

14,950 00 

4,300 00 

17,800 00 

33,500 00 

65,800 00 

37,400 00 

19,569 75 

84,660 00 

4,800 00 

6,750 00- 

6,700 00 

8,970 00 

8,100 00- 

48,375 00 

609 00 

4,500 00- 

4,087 50 

2,750 00. 

18,240 00 

23,750 00 

156,800 00 



Loaned Thereon. 

$5,000 00 
18,750 00 
58,080 00 
11,700 00 
100,000 00 
13,000 00 
3,000 00 
14,000 00 
26,000 00 
50,000 00 
33,000 00 
14,000 00 

■ 50,000 00 



25,000 00 

40,000 00 

8,000 00 

15,000 00 

16,000 00 

1,200 00 






THE PENN MUTUAL LIFE INSURANCE COMPANY. 



163 



Marion, Ohio, Water Company bonds, 

50 shares Marion, Ohio, Water Company, 
Shelbyville, Ind., Water and Light Co. b'ds, 
72 shares Shelbyville, Ind.,W. and L. Co., 
Shelbyville, Ind., Water and Light Co. bond, 
Warsaw, Ind., Water Company bonds, . 

27 shares Warsaw, Ind., Water Company, 
Warsaw, Ind., Water Company bond, 
Shelbyville, 111., Water Company bonds, 

30 shares Shelbyville, 111., Water Company 
Shelbyville, 111., Water Company bond, . 
Lawrence, Kan., Water Company bonds, 

30 shares Lawrence, Kan., Water Company 
Paola, Kan., Water Company bonds, 

25 shares Paola, Kan., Water Company, 
Crawford sville, Ind., W. and Light Co. bonds 
Richfield School Dist., Morton Co , Kan., b'ds, 
Abilene, Kan., Water Company bonds, . 

300 shares Abilene, Kan., Water Company, 
Topeka, Kan,, Water Company bonds, 

10 shares Topeka, Kan., Water Company, 
United Terminal Railway Company bonds, 
Cape Girardeau Southwestern R.R. Co. bonds 
Consolidated Gas and Electric Light Co. b'ds 
American Debenture Company bonds, 
Toledo and Ohio Central Ex. R.R. Co. bonds, 

600 shares Metropolitan Traction Co., . 

300 " Philadelphia Traction Co., . 
Consolidated Traction Co. of N. J, bonds, 
Bergner & Engel Brewing Co. bonds, 
Penn. & New York Canal & R.R. Co. bonds, 
Perkiomen R.R. Co. bonds, 
Electric & People's Traction trust certificates 
Edison Electric Light trust certificates, . 

134 shares Union Traction Co., 

108 " Pennsylvania Steel Co., 
24 " United Gas Improvement Co., 

300 " Philadelphia Traction Co., . 

100 " Baltimore Traction Co., 

100 " Choctaw, Okl'h'a & Gulf R.R. Co. 
Holmesburg, Tacony & Fr'kf'rd Elec. R'y b'ds 
Holmesburg, Tacony & Fr'kf'rd Elec. R'y b'ds 

250 shares Lehigh Valley R.R. Co., 

100 " Penn. Heat, Light & Power Co , 
50 " Cambria Iron Co., 
Pennsylvania & Maryland Steel Co. bonds, 
Pennsylvania R.R. Co. bonds, . 
Baltimore Traction Co. bonds, . 



Market Value. 


Loaned Thereon. 


$3,500 


ooi 




250 00 




5,040 00 




360 00 




89 


69 




2,000 


00 




135 


00 




159 


68 




1,650 


00 




150 


00 




108 


00 




1,380 


00 




150 00 
940 25 


> $64,239 15 


125 


00 




3,540 


00 




3,000 


00 




11,820 


00 




1,500 00 




2,500 00 




50 00 




13,000 


00 




2,000 


00 




4,750 00 




2,000 


00 




4,500 


00 , 




65,400 


00 > 


) 


20,100 


oo ; 


> 75,000 00 


3,320 


00 > 


) 


11,000 


00 


8,000 00 


47,150 


00 


39,372 20 


4,010 


00 


3,000 00 


9,310 


ooi 




1,047 


75 


> 13,000 00 


1,306 


50 


4,760 


00 
00 j 


• 


1,746 




20,100 


00 >! 




1,775 00 ! 

750 oo ; 


> 20,000 00 


2,500 


oo J 




6,500 


00 


5,000 00 


7,687 


50^1 




2,500 00 




2,150 
2,125 


00 
00 


► 15,000 00 


2,640 00 




1,900 00; 





164 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 



500 shares Pennsylvania R.R. Co., 

800 " Lehigh Coal & Navigation Co., 

1,150 " Pennsylvania R.R. Co., 

Norfolk & Western R.R. Co. bonds, 

3,350 shares Norfolk & Western R.R. Co., 
100 " Centennial National B'k of Phila 
800 " Penn. Heat, Light & Power Co. 
200 " Union Traction Co., 
100 " Baltimore Traction Co., 
100 " Electric Storage Battery Co., 

Electric & People's Traction trust certificates, 
705 shares Camden Horse R.R. Co., 
100 " Philadelphia Traction Co., . 

Philadelphia & Reading Terminal bonds, 

Penn. & New York Canal & R.R. bonds, 

Atlantic City R.R. Co. bonds, . 
100 shares United Gas Improvement Co., 

Boston United Gas Co. bonds, . 

Phila., Reading & New England R.R. Co. b'ds 

Boston United Gas Co. bonds, . 

Dutchess County R.R. Co. bonds, 

Union Pacific, Denver & Gulf R.R. Co. bonds 

50 shares Fidelity Ins., Tr. & Safe Dep. Co. 
200 " United Gas Improvement Co., 

City of Pittsburg, Pa., bridge bonds, 
1,000 shares Philadelphia Traction Co., . 

300 " United Gas Imp. Co., . 

250 " Metropolitan Traction Co., . 

500 " Phila. & Reading R.R. Co , . 
1,000 " Southern Railway Co., . 
Central of Georgia R'y Co. bonds, . 
Phila. & Reading R.R. Co. bonds, . 
N. Y. & Queen's County Railway Co bonds, 
Erie Railroad Co. bonds, .... 
Northern Pacific R.R. Co. bonds, 
Toledo Elec. Street R'y C®. bonds, . 
Lehigh Valley Railroad Co. bonds, . 
2,000 shares Union Traction Co., 

200 " Pittsburgh Con. Traction Co., 

600 " Philadelphia Traction Co., . 

100 " Metropolitan Traction Co., . 

200 " Baltimore Traction Co., 
Consolidated Trac. Co. of N. J. bonds, . 

51 shares Catawissa Railroad Co., 
Electric & People's Trac. trust certificates, 
West Chicago Street Railroad Co. bonds, 
Cicero and Proviso St. R'y Co. bonds, 

650 shares West Chicago St. Railroad Co. 



Market Value. 

$25,937 50 ) 
32,800 00 S 
59,656 25 
28,000 00^ 
100,500 00 i 
17,000 00 ) 
20,000 00^ 
1,950 00 I 
1,775 00 } 
2,800 00 I 
35,000 00 J 
52,875 00 
6,700 00 
11,000 00 
15,375 00 ? 
3,120 00 S 
7,275 00 n 
4,200 00 i 
1,750 00 ) 
18,900 00^1 
6,300 00 I 
3,000 00 j> 
22,250 00 | 
14,550 00 J 
57,200 00 
67,000 00 
21,825 00>| 
27,250 00 
6,750 00 
26,500 00 
35,200 00 
6,105 00 
9,000 00 
8,550 00 
2,527 50 
1,020 00 J 
7,210 00 
19,500 00 } 
8,400 00 S 
40,200 00 n 
10,900 00 J 
3,550 00 
4,980 00/ 
2,473 50 
35,000 00 
4,750 00 > 
3,200 00 
52,975 00 J 



Loaned Thereon. 

$50,000 00 
50,000 00 

57,000 00 



50,000 00 



25,000 00 

4,500 00 

9,000 00 

15,000 00 



10,000 00 



48,000 00 



50,000 00 
50,000 00 



> 100,000 00 



4,000 00 
25,000 00 

50,000 00 

2,000 00 
25,000 00 

45,000 00 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 



165 



500 shares Erie and Western Trans. Co., 
300 " Standard Oil Co., . 
185 " Frank. & So. Phil. City R'y Co., 
156 " West Chicago Street R.R. Co., 
100 " N. Y. and N. E. Railroad Co., 
100 " Philadelphia Traction Co., . 
100 " United Gas Imp. Co., . 
150 " Metropolitan Trac. Co., 
900 " Northern Pacific R.R. Co, . 

Phila., Reading & N. E. R.R. Co bonds, . 

Erie Railroad Co. bonds, .... 
100 shares Metropolitan Traction Co., . 
253 " Philadelphia Traction Co., . 
800 " United Gas Imp. Co., . 
200 " Pennsylvania Railroad Co., . 

Electric & People's Traction trust certificates 
250 shares Union Traction Co., 
70 " Philadelphia Traction Co., . 
8 " 13th & 15th Sts. Pass. R'y Co., 

City of Camden, N. J. water bonds, 

Lackawanna County, Pa., bonds, 

Town of Stockton, N. J., bonds, 

1,100 shares United Gas Improvement Co., 

1,400 " Union Traction Co., 

2,000 " Lehigh Valley Railroad Co., 

1,000 " Pennsylvania Railroad Co., . 

7,200 " East Harrisburg Pass. R'y Co., 
400 " Metropolitan Traction Co., . 
300 " Penn. Heat, Light & Power Co., 
100 " Lehigh Coal & Navigation Co., 
260 " Electric Storage Battery Co., 
20 " United Gas Imp. Co., . 

Duquesne Traction Co. bonds, . 

North Chic. St. Railroad Co. bonds, . 

Consolidated Traction Co. of N. J. bonds, 
100 shares United Gas Imp. Co., . 
300 " Pittsburgh Con. Traction Co., 
400 " Philadelphia Traction Co., . 
500 " Metropolitan Traction Co., . 
54 " Fidelity Ins. Tr. & Safe Dep. Co 
100 " United Gas Improvement Co., 
100 " Penn. Heat, Light & Power Co., 
100 " Electric Storage Battery Co , 
300 " Metropolitan Traction Co., . 
130 " Philadelphia Traction Co., . 

Elec. & People's Traction trust certificates, 

Phoenix Iron Co. bonds, .... 

Assignments of mortgages, 



Market Value. 

$21,000 00 

78,300 00 

61,050 00 

12,714 00 > 

4,500 00 

6,700 00 

7,275 00 

16,350 00 

12,375 00 

2,800 00 | 

5,460 00 J 

10,900 00 ) 

16,951 00 S 

58,200 00 f 

10,375 00 S 

2,800 00 n 

2,437 50 } 

4,690 00 { 

1,800 00 J 

13,585 00 

31,575 00 

18,900 00 

80,025 00 ) 

13,650 00 ) 

61,500 00 ) 

51,875 00 S 

360,000 00 

43,600 00 >| 

3,900 00 

4,100 00 

7,800 00 j> 

1,455 00 

1,027 50 

640 00 J 

20,750 00 ^ 

7,275 00 I 

12,600 00 J> 

26,800 00 | 

54,500 00 J 

24,030 00 

7,275 00^ 

2,500 00 

3,000 00 

32,700 00 

8,710 00 

7,000 00 

31,000 00 

12,697 26 



Loaned Thereon. 

150,000 00 
48,000 00 



50,000 00 



20,000 00 
50,000 00 

9,Q00 00 

12,350 00 
30,000 00 
17,100 00 

80,000 00 

100,000 00 
125,000 00 

50,000 00 



100,000 00 
21,000 00 

50,000 00 
16,000 00 



166 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 



Market Value. Loaned Thereon. 

1,000 shares Northern Pacific Railroad Co., . $13,750 00 n 

100 " Philadelphia & Reading R.R. Co., 1,350 00 > $10,000 00 

100 " Philadelphia & Erie R.R. Co., . 1,700 00 ) 

500 " Philadelphia Traction Co , . . 33,500 00^ 

200 " Metropolitan Traction Co., . . 21,800 00 i 50,000 00 

300 " Penn. Heat, Light & Power Co., . 3,900 00 ) 

400 " Sunbury & Lewiston R'y Co., . 26,000 00 20,000 00 

100 " Philadelphia Traction Co., . . 6,700 00 5,000 00 

5,000 " Lehigh Valley Railroad Co., . 153,750 00 100,000 00 

250 " Philadelphia Traction Co., . . 16,750 00 n 

185 " United Gas Improvement Co., . 13,458 75 > 25,000 00 

Texas & Pacific R'y Co. bond, . . . . 855 00 ) 

100 shares Cambria Iron Co., . . . 4,300 00 3,000 00 

150 " Philadelphia Traction Co., . . 10,050 00^ 

100 " Baltimore Traction C, . . . 1,775 00 i 13,600 00 

Electric & People's Traction Trust Cert's, . 4,900 00 ) 

50 shares 13th & 15th Sts. Pass. R'y Co., . 11,250 00 6,300 00 

200 " Bergner & Engel Brewing Co., . 20,000 00 ) 29 156 37 

Dutchess County R.R. bonds, .... 16,200 00 S 

100 shares Huntingdon & Broadtop R.R. Co., 2,300 00 

60 " Baltimore Traction Co., . . 1,065 00 

60 " Philadelphia Traction Co., . . 4,020 00 

243 " United Gas Improvement Co., . 17,678 25 

100 " Northern Pacific R.R. Co., . . 1,375 00 

100 " Metropolitan Traction Co., . . 10,900 00 

100 " Penn. Heat, Light & Power Co., . 2,500 00 

100 " Union Traction Co., . . . 975 00 

People's Passenger R'y Trust Cert's, . . 15,160 00 

Consolidated Traction Co. of N. J. bonds, . 4,980 00 

Penn. & N. Y. Canal and Railroad Co. bonds, . 63,550 00 50,000 00 

3,900 shares Baltimore Traction Co., . . 69,225 00 46,000 00 

900 " Camden Horse R.R. Co , . . 67,500 00 30,000 00 

332 " Metropolitan Traction Co., . . 36,188 00 30,000 00 

100 " Metropolitan Traction Co., . . 10,900 00 >| 

150 " North Chicago St. Railroad Co., . 28,050 00 

10 " Girard Life Ins., Ann. & Tr. Co., 3,800 00 

50 " Lehigh Coal and Navigation Co., 2,050 00 

200 " Atch., Top. & Santa Fe R.R. Co , 2,775 00 

45 " No'n Sav. Fund, Safe D. & T. Co., 3,836 25 j> 50,000 00 

300 " Union Traction Co., . . . 2,925 00 

West Chicago St. Railroad Co. bonds, . . 3,030 00 

North Chicago St. Railroad Co. bonds, . . 1,020 00 

Texas & Pacific Railroad Co. bonds, . . 1,710 0° 

Choctaw, Oklahoma & Gulf R.R. Co. bonds, . 3,000 00 . 

Phila. & Reading Coal & Iron Co. bonds, . 4,500 00 -\ 

Town of Durham, N. C, bonds, . . . 1,040 00 i 5,500 00 

City of Charleston, W. Va., school bonds, . 1,080 00 ) 

Toledo Electric St. Railway Co. bonds, . . 102,000 00 96,000 00 



J> 50,000 00 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 



167 



State of North Carolina bonds, 
Mortgages assigned, . 



Market Value. Loaned Thereon. 

|61,250 00 $40,000 00 
534,448 16 534,448 16 



t,734,633 04 $3,436,295 88 



Schedule B. 

Stocks and Bonds owned by the Company. 

Par Value. Market Value. 

U. S. registered consols, $115,000 00 $127,075 00 

U. S. coupon bonds, 100,000 00 120,000 00 

Pennsylvania R.R. bonds, 206,000 00 244,860 00 

Pennsylvania Equipment trust certificates, . 50,000 00 50,250 00 

Lehigh Valley R R. bonds 50,000 00 51,000 00 

Northern Central Railway bonds, . . . 110,000 00 124,300 00 

Philadelphia & Reading R.R. certificates, . 33,000 00 33,000 00 

Philadelphia & Reading R.R. bonds, . . 100,000 00 101,750 00 

Phila. & Reading R.R. Del. River Ter. bonds, . 100,000 00 90,000 00 

Phila., Reading & New England R.R. bonds, . 122,000 00 35,000 00 

North East Pennsylvania R.R. bonds, . . 100,000 00 95,000 00 

Cornwall & Lebanon Car Trust certificates, . 30,000 00 30,600 00 

Allentown & Bethlehem, Pa., bonds, . . 100,000 00 111,000 00 

Pitts., Cin., Chic. & St. Louis Railway bonds, . 50,000 00 52,500 00 

Hest ,Mant. & Fairm't R.R. P. Co., Phila., b'ds, 50,000 00 55,000 00 

13th & 15th Sts. Pass. R'y Co., of Phila., bonds, 50,000 00 59,750 00 

Second Av. Traction Co , of Pitts., Pa., bonds, 50,000 00 51,250 00 

New York, Phila. & Norfolk Car Trust Cert., 76,000 00 77,520 00 

Trenton, N. J. Pass. Railway bonds, . . 100,000 00 107,000 00 

Buffalo & Susquehanna R.R. bonds, . . . 89,000 00 89,000 00 

Dutchess County R.R. Co. bonds, . . . 15,000 00 13,500 00 

Metropolitan Ferry Co., of New York, bonds, . 44,000 00 47,300 00 

Southern Railway Co. bonds, .... 66,00000 61,05000 

Bridgeport, Conn., Traction Co. bonds, . . 50,000 00 50,000 00 

Brooklyn, N. Y., W'f & Warehouse Co. bonds, 100,000 00 100,000 00 

Norfolk & Western R R. bonds, . . . 100,000 00 84,500 00 

Columbus & Cincinnati, O , Midland R R, bonds, 150,000 00 93,000 00 

Ohio River R.R. bonds, . . . . . . 100,000 00 102,000 00 

Toledo Belt Railway bonds, . . . . 62,000 00 62,000 00 

Toledo & Ohio Cent, Ext. R.R. bonds, . . 125,000 00 100,000 00 

Cleveland City, O., Cable Railway Co. bonds, . 100,000 00 106,000 00 

East Cleveland, O., R.R. Co. bonds, . . . 30,000 00 32,100 00 

Terre Haute, Ind., Street R'way Co. gold b'ds, 25,000 00 25,000 00 

Terre Haute & Logansport, Ind., R.R. bonds, . 100,000 00 95,000 00 

North Chicago, 111., Street R.R. Co. bonds, . 50,000 00 53,000 00 

North SideElec. St R'y Co., Chicago, 111., b'ds, 25,000 00 26,250 00 

Central Railway Co , Peoria, 111., bonds, . . 52,000 00 54,080 00 

St. Louis Merchants' Bridge Co. bonds, . . 75,000 00 77,437 50 

Chicago & West Mich. Railway bonds, . . 100,000 00 ' 48,000 00 

Jacksonville, Louisv. & St. Louis RVay b'ds, . 53,000 00 15,900 00 



168 



THE PENN MUTUAL LIFE INSURANCE COMPANY. 



Jacksonville Southeastern RVay bonds, 
Jacksonville & St. Louis RVay bonds, 
Venice & Carondelet RVay bonds, . 
Kansas City, Mo., Cable RVay Co. bonds, 
Sioux City, la., Terminal R.R. bonds, 
Minneapolis & St. Louis R.R. bonds, 
Minneapolis & Duluth R.R. bonds, . 
Duluth, Minn., Street RVay bonds, . 
Northern Pacific R.R. Co. receivers 1 cert., 
United Sec. Life Ins. & Trust Co. of Pa. b'ds 
Union League of Phila. bonds, 
Abington township, Pa., bonds, 
Chester, Pa., bonds, ..... 
West Chester, Pa., Gas Co. bonds, . 
Duquesne Club, Pittsburgh, Pa., bonds, 
Johnstown, Pa., school district bonds, 
McKeesport, Pa., school district bonds, 
City of Chester, Pa., district school bonds, 
Cheltenham School Dis., Montg. Co., Pa. b'ds, 
Township of Cheltenham, Mont. Co., Pa., loan, 
Hazelton City, Pa., school district bonds, 
New Brighton, Pa., school district bonds, 
Borough of Wilkinsburg, Pa., sch. dist. b'ds, 
Borough of Washington, Pa., sch. dist. bonds 
Borough of Pittston, Pa., bonds, 

Salem, N". J., bonds, 

Stockton, N. J., bonds, .... 
Richmond, Va., loan, .... 
County of Rockbridge, Va., bonds, . 
City of Charleston, W. Va., school bonds, 
City of Wilmington, N. C, bonds, . 
City of Winston, N. C, .... 
Winston township, N. C, bonds, 
Durham, N. C, bonds, .... 
City of Fernandina, Fla., bonds, 
Board of Education of Xenia, O., bonds, 

Findlay, O., bonds, 

Ravenna, O., bonds, ..... 
City of Lima, O., bonds, .... 
Village of Lorain, O., bonds, . 
Martin's Ferry, O., bonds, 
Toledo, O., school bonds, .... 
Martin's Ferry, O., school bonds, 
Evansville, Ind., bonds, .... 
Chicago, 111., sanitary district municipal bonds 
St. Joseph, Mo., bonds, . . 
Atchison, Kan., bonds, .... 
City and township of Independence, Kan., b'ds, 



Par Value. 

$17,000 00 
13,250 00 
200,000 00 
111,000 00 
150,000 00 
100,000 00 
50,000 00 
50,000 00 
100,000 00 
25,000 00 
13,000 00 
20,000 00 
100,000 00 
62,500 00 
121,000 00 
33,000 00 
57,000 00 
60,000 00 
3,500 00 
72,500 00 
35,000 00 
14,000 00 
50,000 00 
50,000 00 
33,300 00 
40,000 00 
50,000 00 
62,000 00 
65,000 00 
57,000 00 
90,000 00 
60,000 00 
60,000 00 
70,000 00 
30,000 00 
15,500 00 
50,000 00 
57,000 00 
150,000 00 
49,000 00 
28,000 00 
35,000 00 
25,000 00 
45,000 00 
50,000 00 
50,000 00 
75,000 00 
23,200 00 



Market Value. 

$17,000 00 
11,262 50 
200,000 00 
112,387 50 
120,000 00 
120,000 00 
57,500 00 
51,250 00 
101,500 00 
25,125 00 
13,233 61 
21,000 00 
105,000 00 
65,625 00 
122,210 00 
35,145 00 
60,420 00 
61,950 00 
3,613 75 
77,212 50 
35,466 67 
15,120 00 
53,000 00 
52,500 00 
34,965 00 
43,000 00 
52,500 00 
63,240 00 
68,900 00 
61,560 00 
95,850 00 
63,600 00 
61,800 00 
72,800 00 
31,500 00 
15,810 00 
51,500 00 
59,280 00 
160,500 00 
51,450 00 
29,400 00 
36,750 00 
27,250 00 
45,900 00 
52,500 00 
55,250 00 
60,000 00 
24,012 00 



THE PHCENIX MUTUAL LIFE INSURANCE COMPANY. 



169 



County of Saline, Kan., bonds, 
Lincoln City, Neb., bonds, 
Nebraska City, Neb., bonds, 
Hastings, Neb., bonds, 
City of Beatrice, Neb., bonds, . 
City of Hastings, Neb., bonds, 
Commercial Club, Fort Worth, Tex., bonds, 
Paducah Wat. Sup. Co. of Bait. City, Md., b'ds, 
Hudson Riv. Water Power & Paper Co. bonds, 
Jamestown, N. Y., Water Co. bonds, 
Chillicothe, O., Gas & Water Co. bonds, . 
Hamilton & Rossville, O., Hydraulic Co. bonds, 
St. Joseph, Mo., Water Co. bonds, . 
Joplin, Mo., Water Co. bonds, . 
Sioux City, la., Stock Yards Co. bonds, 
Hutchinson, Kan., Water, Light & Pow. Co. b'ds 
Burlington, la., Water Co. bonds, . 
Boonville, Mo., Water Co. bonds, 
Champ. & Urb., 111., Water & Elec. L't Co. b'ds 
Freeport, 111 , Water Co. bonds, 
Lincoln, Neb., Gas Co. bonds, . 
Austin, Texas, Water Co. bonds, 
Aus., Tex., W. Co. & Aus. W., L. & P. Co cert's, 
1,000 shares Grand Rapids & Inch R.R. Co. b'ds, 
Southern Railway Co., , 
Sioux City, la., Traction Co., 
Delaware Insurance Co., Phila , 
Western National Bank, Phila., 
Bank of North America, Phila , 
Girard National Bank, Phila., 



1,615 

8861 

500 

100 

76 

50 



Par Value. 

$84,000 00 
40,000 00 

100,000 00 

100,000 00 
30,000 00 
13,000 00 
20,000 00 
74,000 00 
50,000 00 

150,000 00 
83,500 00 
34,000 00 

100,000 00 
60,000 00 
90,000 00 
92,000 00 
30,000 00 
50,000 00 

100,000 00 
98,000 00 
50,000 00 

130,000 00 
18,750 00 

100,000 00 

161,500 00 

88,611 00 

12,500 00 

5,000 00 

♦ 7,600 00 

2,000 00 



Market Value. 

$86,520 00 
42,000 00 

103,000 00 

101,000 00 
30,000 00 
13,130 00 
20,800 00 
74,740 00 
51,500 00 

154,500 00 
84,335 00 
34,000 00 

103,000 00 
61,200 00 
92,700 00 
59,800 00 
31,800 00 
49,000 00 
98,000 00 

100,450 00 

50,000 00 

65,000 00 

18,750 00 

7,500 00 

43,605 00 

74,796 61 

11,500 00 

7,500 00 

19,456 00 

3,650 00 



Book value, 



',855,211 00 $7,502,043 64 
. 7,463,909 31 



"THE PHOENIX MUTUAL LIFE INSURANCE COMPANY," 

HARTFORD, CONN. 

[Incorporated May, 1851. Commenced business May, 1851.] 

Jonathan B. Bunce, President. Charles H. Lawrence, Secretary. 



Income. 

Received for premiums on new policies, . 

Received for renewal premiums, 

Dividends applied to pay running premiums, . 



$264,815 81 
997,317 39 
135,032 29 



170 



THE PHOENIX MUTUAL LIFE INSURANCE COMPANY. 



Dividends applied to purchase paid-up additions and annuities, 
Surrender values applied to pay running premiums, 
Surrender values applied to purchase paid-up insurance and 
annuities, . . . . 



Total, 

Deduct amount paid for reinsurance, 

Total premium income, 

Received for interest, ... 

as discount on claims paid in advance, 
for rents of company's property, 

Profit on securities sold, 

Profit and loss account, 



Total income, 
Net or ledger assets Dec. 31, 1895, 



Total, 



$30,419 62 
7,247 77 

170 00 

$1,435,002 88 
4,775 07 

$1,430,227 81 
516,033 94 

171 54 
24,018 10 

1,064 98 
4,278 39 

$1,975,794 76 
10,116,436 81 

$12,092,231 57 



Disbursements. 

Paid for losses and additions, . . . • 
Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 
Paid to annuitants, ........ 

Dividends paid policy holders, 

applied to pay running premiums, . 

applied to purchase paid-up additions and annul 

ties, 

Surrender values paid, 

applied to pay running premiums, 
applied to purchase paid-up insurance anc 
annuities, 

Total paid policy holders, 

Cash paid for commissions and bonuses to agents (new poll 
cies, $151,238.20; renewals, $65,085.45), . 
for salaries and allowances to managers and agents 
for medical examiner's fees and inspections, . 
for salaries of officers and home office employees, 
for taxes on new premiums, $3,452. 17 ; on renew- 
.' als, $7,930.50, 
for taxes on reserves, 
for taxes on real estate 
for fees, licenses, etc., 
for rent, . 
for commuting commissions, 



$742,652 01 
128,748 50 

$871,400 51 

1,990 00 

4,497 88 

135,032 29 

30,419 62 

161,393 40 

7,247 77 

170 00 

1,212,151 47 

216,323 65 
57,430 52 
30,116 45 
63,343 31 

11,382 67 
25,820 72 
21,595 38 

6,432 52 
19,126 61 

4,150 00 



THE PHCENIX MUTUAL LIFE INSURANCE COMPANY. 



171 



Cash paid for advertising, printing and postage, 
for legal expenses, .... 
for furniture and office fixtures, 
for real estate expenses (except taxes), 
loss on sales of property, 
for incidentals, .... 

Profit and loss account, 



Total disbursements, 
Balance, 



$32,249 80 

4,634 62 

1,141 70 

16,238 70 

6,946 39 

13,880 06 

63,707 83 

. $1,806,672 40 

$10,285,559 17 



Invested in the following 



Assets as per Ledger Accounts 



Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Total net or ledger assets, as per balance, 



$994,312 96 

5,793,119 51 

6,600 00 

270,540 00 

451,560 68 

2,474,844 16 

188 95 

294,392 91 



,285,559 17 



Other Assets. 

Interest due and accrued, . 

Market value of stocks and bonds over cost, . 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, 

Total, 

Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. 

$46,167 32 
26,209 35 



Total assets, per company's books, . 
Deduct special deposits in other States, . 



Renewals. 

$49,475 88 
83,136 84 



$72,376 67 $132,612 72 
14,475 33 26,522 54 



$57,901 34 $106,090 18 



165,643 71 
47,465 04 



163,991 52 



$10,662,659 44 
135,547 00 



Balance, 



,527,112 44 



172 



THE PHCENIX MUTUAL LIFE INSURANCE COMPANY. 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . 
Deduct net value of reinsured risks, 



Net reserve, 

Special policy reserve, 

Death losses in process of adjustment, 
Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, .... 
Reserve on real estate account, . . 

Liabilities as to policy holders, . 
Deduct liabilities on special deposits, 



Surplus as regards policy holders, . 
Gross liabilities, . 



19,817,799 00 
18,640 00 

19,799,159 00 

204,767 00 

32,694 00 

2,500 00 

7,248 00 

43,311 00 

$10,089,679 00 
135,547 00 



1,954,132 00 
572,980 44 

,527,112 44 



Premium Note Account. 



Premium notes on hand Dec. 31, 1895, 
Used in payment of losses and claims, 

in purchase of surrendered policies, 
in payment of dividends to policy holders, 
Redeemed by maker in cash, .... 
Total,. .' 

Balance note assets Dec. 31, 1896, 



$29,866 63 

6,539 78 

392 23 

11,886 77 



$500,246 09 



48,685 41 



$451,560 68 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 





Number. 


Amount. Total No. 


Total Amount. 


Whole life, . 


. 15,751 


$26,837,314 00 




Endowment, 


. 9,018 


12,853,956 00 




All other, . 


230 


505,500 00 




Reversionary additions, 


- 


263,561 00 








24,999 


$40,460,331 00 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

. 2,944 $5,687,319 00 

. 2,055 3,197,537 00 

193 301,500 00 



5,192 9,186,356 00 



THE PHCENIX MUTUAL LIFE INSURANCE COMPANY. 



173 



Whole life, 
Endowment, 



Old Policies revived. 

Number. Amount. Total No. Total Amount. 

13 $25,853 00 
12 14,000 00 
25 $39,853 00 



Old Policies changed and increased. 

Whole life, ... 48 $159,043 00 

Endowment, ... 42 61,119 00 

All other, . . . . 199 371,000 00 



289 



Additions by dividends, 



591,162 00 
54,230 00 



Total, 30,505 $50,331,932 00 



Policies terminated during the Year. 

Whole life, ... 2,709 f 5,102,517 00 
Endowment, . . . 1,716 2,764,371 00 

All other, .... 99 248,203 00 





4,524 $8,115,091 00 






How terminated. 




By death, . 


. . 420 $730,611 00 




maturity, 


123 180,249 00 




surrender, 


406 835,699 00 




lapse, . 


. 1,901 3,278,275 00 




change, 


310 688,286 00 




Not taken, 


. 1,364 2,401,971 00 






A KOA 


8,115,091 00 




^,OA^. 




Policies in Force Dec. 31, 1896. 




Whole life, 


. 16,047 $27,607,012 00 




Endowment, 


. 9,411 13,362,241 00 




All other, . 


523 965,000 00 




Reversionary 


additions, . - 282,588 00 






op i 0R1 


42,216,841 00 




utJ^OO J- 




Schedule A 






Securities held as Collateral. 






Market Value. 


Loaned Thereon. 


20 shares National Fire Ins. Co., Hartford, Ct., $3,400 00 


1 $5,600 00 


28 " Merrick Thread Co., Holyoke, . . 7,000 00 


N. Y., N. H. and Hart. R.R. debenture bond, . 1,350 00 


1,000 00 



$11,750 00 



;,6oo oo 



174 THE PHCENIX MUTUAL LIFE INSURANCE COMPANY. 



Schedule B. 

Stocks and Boiids owned by the Company. 

Cost Value. Market Value. 

Erie Cons, mortgage bonds, .... $120,833 75 $138,000 00 

Chicago, Milwaukee & St. Paul bonds, . . 50,375 00 57,500 00 

Vermont Valley R.R. Company bonds, . . 103,750 00 108,000 00 

Hartford & Conn. Western R.R. bonds, . . 50,000 00 50,000 00 

St. Louis & San Francisco R.R. bonds, . . 44,460 00 44,800 00 

Louisville, New Albany & Chicago bonds, . 27,420 00 26,000 00 

Louisv. & Frank, and Lex. & Frank. R.R. b'ds, 16,600 00 15,525 00 

Flint & Pere Marquette R.R. bonds, . . 50,000 00 42,500 00 

Chicago, Rock Island & Pacific R'y bonds, . 24,556 25 25,500 00 

Baltimore Belt R.R. bonds, .... 25,375 00 23,000 00 

Tarkio Valley R.R. bonds, .... 15,417 50 15,120 00 

Indiana & Lake Michigan Railway bonds, . 10,000 00 8,000 00 

Lake Shore & Michigan Southern R'y bonds, . 30,062 50 29,500 00 

Hannibal & St. Joseph R.R. bonds, . . . 28,250 00 29,500 00 

Cleveland, Columbus, Cin. & Ind. R.R. bonds, 5,775 00 6,250 00 

Evansville & Indianapolis R.R. bonds, . . 27,500 00 22,500 00 

Rochester & Pittsburg R.R. bonds, . . . 28,681 25 29,000 00 

Northern Pacific R.R. bonds, .... 15,550 00 15,150 00 

Cincinnati, Dayton & Ironton R'y bonds, . 9,550 00 10,800 00 

St. Paul & Northern Pacific Railway bonds, . 17,362 50 18,300 00 

Lehigh Valley Terminal Railway bonds, . 51,875 00 55,000 00 

Ohio & West Virginia Railway bonds, . . 47,200 00 46,800 00 

Phila. & Reading Coal and Iron Co. bonds, . 33,940 00 33,000 00 

Chicago & Western Indiana R.R. bonds, . . 91,052 50 93,600 00 

Indianapolis & St Louis R R. bonds, . . 8,435 00 8,400 00 

Philadelphia & Reading R.R. bonds, . . 51,250 00 52,500 00 

Cin., Indianapolis, St. Louis & Chicago bonds, 19,305 00 19,080 00 

Chicago & Northwestern Railway bonds, . 57,320 00 55,860 00 

Elizabethtown, Lex. & Big Sandy R.R. b'ds, . 9,925 00 10,000 00 

Wabash R R. bonds, 50,687 50 53,000 00 

Chicago & Erie bonds, . . . . . 52,580 00 54,500 00 

Clev., Cin., Chic. & St. Louis Railway bonds, . 26,400 00 27,600 00 

Nashville, Chatt. & St. Louis Railway bonds, . 28,125 00 28,125 00 

Easton & Amboy R.R. bonds 31,800 00 31,800 00 

Cedar Rap., Iowa Falls & Northw'n R'y bonds, 10,364 00 10,364 00 

Brockton Street Railway bonds, . . . 41,000 00 41,410 00 

Waterbury Traction Co. bonds, . . . 10,000 00 10,000 00 

Hartford Street Railway bonds, . . . 25,437 50 25,500 00 

Brooklyn Wharf & Warehouse bonds, . . 51,250 00 50,000 00 

Western Union Tel. Co. bonds, . . . 22,200 00 21,400 00 

Niagara Falls park debenture bonds, . . 103,747 60 103,747 00 

Co. of Middlesex, Prov. of Ont., D. of C, deb., 31,800 00 31,800 00 

State of Virginia bonds, 10,500 00 10,500 00 

County of Licking, Ohio, bridge bonds, . . 5,100 00 5,000 00 






THE PHCENIX MUTUAL LIFE INSURANCE COMPANY. 



175 



County of Pierce, Washington, bonds, 

City of Blair, Washington County, Neb., bonds, 

City of Columbus, Ohio, bonds, 

City of Lincoln, Neb., bonds, . 

City of Topeka, Kan., bonds, . 

City of Urbana, Ohio, bonds, . 

City of Kansas City, Kan., bonds, 

City of Coldwater, Mich., bonds, 

City of Fostoria, Ohio, bonds, . 

City of Seattle, Wash., bonds, . 

City of Portland, Ore., bonds, . 

City of Cheyenne, Wyo., bonds, 

Ogden City, Utah, bonds, . 

City of Roanoke, Va., bonds, . 

City of Greensboro', N. C, bonds, 

City of Beatrice, Neb , bonds, . 

School District of Sioux City, Iowa, 

School District of Superior, Neb., 

School District of Syracuse, Neb., 

School District of Stanbury, Mo., 

School District of Trenton, Mo., 

School District of Eaton, Mo , . 

School District No. 5, Sheridan, Mo 

School District of Mankato, Minn., 

School District No. 37, Humboldt, Neb., 

School District of Onawa, Iowa, 

School District No. 15, Nelson, Neb , 

School Dist. No. 2, Lewis & Clarke Co., Mont. 

School District No 29, Polk Co., Ore., . 

School Dist. No. 1, Lewis & Clarke Co , Mont. 

School District No. 1, Co. of Laramie, Wyo., 

School Dist. No. 1, Colfax, Whit'n Co., Wash, 

School District No. 1, Portland, Ore., 

School District No. 5, Denver, Colo., 

School District of Maysville, Mo., . 

200 shares Charter Oak N'l B'k, Hart., Conn., 

200 " First National Bank, Hart., Conn., 

35 " iEtna National Bank, Hart., Conn., 
100 " Mercantile N'l B'k, Hart., Conn., 
644 " American Nat'l B'k, Hart., Conn., 

37 " Farm. &Mech N'l B'k, Hart., Ct., 
275 " Phoenix Nat'l Bank, Hart., Conn., 
300 " Nat'l Exchange B'k, Hart., Conn., 

50 " United States Bank, Hart., Conn., 
116 " City Bank of Hartford, Conn., 
100 " Security Co., Hartford, Conn., 
284 " Hartford City Gas Light Co., . 

63 " N. Y., N. H. & Hartford R.R., 



Cost Value. 

$52,000 00 

5,075 00 

10,852 40 

44,705 00 

27,728 21 

26,750 00 

10,709 64 

35,525 00 

10,000 00 

25,000 00 

59,325 00 

30,000 00 

7,720 00 

10,500 00 

4,590 00 

4,040 00 

34,825 00 

12,600 00 

10,350 00 

4,020 00 

11,880 00 

1,407 00 

1,648 00 

15,247 50 

9,135 00 

505 00 

17,000 00 

10,100 00 

12,840 00 

25,687 50 

21,000 00 

30,150 00 

25,250 00 

2,500 00 

8,179 06 

19,662 00 

22,255 00 

3,500 00 

6,950 00 

37,173 00 

4,080 00 

34,952 00 

18,900 00 

5,000 00 

12,156 00 

10,000 00 

7,350 00 

10,359 00 



Market Value. 

$52,000 00 

5,000 00 

10,600 00 

45,000 00 

27,193 20 

25,000 00 

10,500 00 

35,000 00 

10,000 00 

25,000 00 

58,760 00 

30,000 00 

8,000 00 

10,500 00 

4,500 00 

4,000 00 

35,000 00 

12,000 00 

10,000 00 

4,000 00 

12,000 00 

1,400 00 

1,600 00 

15,000 00 

9,000 00 

500 00 

17,000 00 

10,000 00 

12,480 00 

25,500 00 

21,000 00 

30,000 00 

25,000 00 

2,500 00 

8,000 00 

18,000 00 

22,000 00 

4,900 00 

8,000 00 

45,080 00 

4,255 00 

33,825 00 

18,900 00 

16,250 00 

12,180 00 

12,500 00 

11,360 00 

11,340 00 



176 PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



700 shares Fort Wayne & Jackson R.R. Co., 

67 " Hartford National Bank, 
New York, New Haven & Hart. R.R. bonds, 



Cost Value. 

|78,650 00 
9,700 00 
2,500 00 



Market Value. 

$84,000 00 
9,380 00 
3,375 00 



{,474,844- 16 $2,522,309 20 



" PROVIDENT LIFE AND TRUST COMPANY OF PHILADELPHIA," 

PHILADELPHIA, PA. 

[Incorporated March 22, 1865. Commenced business June, 1865.] 

Paid-up Capital, $1,000,000. 

Samuel R. Shipley, President. Asa S. Wing, Vice-Pres. and Actuary. 



Income. 

Received for premiums on new policies, . . . 

Received for renewal premiums, 

Dividends applied to pay running premiums, . 

Dividends applied to purchase paid-up additions and annuities, 

Surrender values applied to purchase paid-up insurance and 

annuities, 

Received for annuities, 



Total premium income, .... 

Received for interest, 

as discount on claims paid in advance, 
for rents of company's property, 

Profit on securities sold, . 

Received on investments of capital,* 



Total income, .... 
Net or ledger assets Dec. 31, 1895, . 



Total, 



$425,798 65 

3,198,863 16 

560,811 27 

115,044 26 

100,185 00 

65,808 82 

$4,466,511 16 

1,235,005 59 

2,809 22 

17,882 33 

4,605 20 

44,620 00 

$5,771,433 50 

28,590,567 89 

$34,362,001 39 



Disbursements. 

Paid for losses and additions, ..... 
for matured endowments and additions, . 
on matured instalment policies and additions, 

Gross amount paid for losses and endowments, 



. $1,046,828 33 

633,022 00 

200 00 

. $1,680,050 33 



* The charter, besides authority to transact a life insurance business, confers also authority 
to act as administrator, executor, etc., to transact what is known as a trust business. The rela- 
tions of the two departments of the business are fixed by the provisions of the charter. The 
accounts are kept entirely distinct and separate. The entire surplus in the insurance depart- 
ment accumulates for the benefit of the policy holders. The only advantage, direct or indirect, 
which the stockholders can at any time have from the union of the two features of the business, 
results from the fact that the management of the trust business, from which they derive their 
profits, is done for them without charge. This includes the interest on the capital. 



PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 177 



Paid to annuitants, 

Cash dividends paid policy holders, .... 

applied to pay running premiums, . 
applied to purchase paid-up additions and 

annuities, 

Surrender values paid in cash, 

Surrender values applied to purchase paid-up insurance and 
annuities, ......... 



Total paid policy holders, 

Cash paid for dividends to stockholders, .... 

for commissions and bonuses to agents (new poli 

cies, $150,674.74; renewals, $222,555.46), . 
for salaries and allowances to managers and agents 
for medical examiner's fees, .... 
for salaries of officers and home office employees 
for taxes on premiums, 
for taxes on reserves, 
for taxes on real estate, 
for fees, licenses, etc., 
for rent, . 

for advertising, printing and postage, 
for legal expenses, .... 
for furniture and office fixtures, 
for real estate expenses (except taxes), 
for loss on sales of property, . 
for incidentals, .... 

Total disbursements, 



Balance, 



$39,567 91 

69,624 04 

560,811 27 

115,044 26 
336,154 70 

100,185 00 

!,901,437 51 
44,620 00 

373,230 20 

38,391 50 

22,680 89 

154,109 67 

51,224 11 

4,945 69 
12,950 00 

7,061 70 
15,187 68 
35,066 88 

2,395 54 

8,290 67 
14,941 36 
96,760 00 
35,114 13 

. $3,818,407 53 

$30,543,593 86 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office and in bank, 

Total net or ledger assets, as per balance, 

Other Assets. 

Interest due and accrued, 

Rents due and accrued, 

Market value of stocks and bonds over cost, . 



$1,995,162 64 

11,440,167 87 

1,947,594 02 

2,763,958 41 

18,616 83 

12,303,245 00 

74,849 09 

f30,543,593 86 



361,387 20 

5,305 84 

18,015 00 



178 PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



New Business. Renewals. 



Uncollected premiums on poli- 
cies in force, .... $63,869 90 $202,556 60 

Deferred premiums on policies 

in force, 61,875 54 546,357 69 



Total, $125,745 44 $748,914 29 

Deduct loading (20 per cent.), • 25,149 09 149,782 86 



Net amount of uncollected and 

deferred premiums, . . $100,596 35 $599,131 43 



$699,727 78 



Total assets, per company's books, .... $31,628,02968 

Items not admitted. 
Excess of loan over market value, ...... 400 00 



Total admitted assets, $31,627,629 68 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . . . $27,328,235 00 
Present value of unpaid instalments, . . . • . . 7,837 00 

Death losses due and unpaid, .... $3,409 46 

Death losses in process of adjustment, . . 99,266 00 

Claims resisted by the company, . . , 10,435 30 

Due and unpaid on annuity claims, . . . 1,733 13 

Total policy claims, — 114,843 89 

Unpaid dividends of surplus due policy holders, . . . 60,781 27 

Premiums paid in advance, 142,409 53 

Due for taxes, fees, salaries, expenses, etc., . . . . 716 84 

Contingent surrender value, . . . . ... . 153,513 00 



Liabilities as to policy holders, $27,808,336 53 

Surplus as regards policy holders, . . . $3,819,293 15 

Paid-up capital, 1,000,000 00 

Surplus over capital, ........ 2,819,293 15 

Gross liabilities, . $31,627,629 68 

Premium Note Account. 

Premium notes on hand Dec. 31, 1895, . . $19,710 30 

Premium notes rec'd during 1896 (old policies) , 1 ,848 45 

Total, $21,558 75 

Used in payment of dividends to policy holders, $2,483 72 

Redeemed by maker in cash, .... 458 20 

Total, ........ 2,941 92 



Balance note assets Dec. 31, 1896, $18,616 83 



PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 179 



Exhibit of Policies. 

Policies and Additions in Force Dec. 31, 1895. 







Number. Amount. Total No. 


Total Amount. 


Whole life, 


• . 


. 3,118 $11,407,222 00 






Endowment, 


. . 


. 28,329 82,637,329 00 






All other, . 


. . 


. 3,167 13,833,541 00 






Reversionary 


additions, 


944,442 00 


34,614 $108,822,534 00 








Policies issued during the Year. 




Whole life, 


• • 


424 $1,449,876 00 






Endowment, 


, 


. 2,882 7,405,761 00 






All other, . 


• • 


759 3,092,647 00 


4,065 


11,948,284 00 










Old Policies revived. 






Whole life, 


* • 


11 $36,813 00 






Endowment, 


• • 


106 338,336 00 






All other, . 


• 


19 .96,519 00 


136 


471,668 00 










Old Policies increased. 






Whole life, 


• t 


14 $58,533 00 






Endowment, 


• • 


96 347,823 00 




• 


All other, . 


• a 


9 27,150 00 


119 


433,506 00 






Additions by 


dividends, 


■ ••••• 


- 


163,128 00 


Total, . 


38,934 $121,839,120 00 



Policies terminated during the Tear. 



Whole life, 


262 


$1,102,452 00 




Endowment, 


1,860 


5,331,774 00 




All other, , 


521 


2,350,648 00 






2,643 


$8,784,874 00 






How terminated. 




By death, . 


303 


$1,114,957 00 




maturity, 


209 


633,022 00 




expiry, 


5 


38,000 00 




surrender, . 


652 


2,198,519 00 




lapse, . 


1,264 


3,781,288 00 




change and decrease, . 


119 


654,963 00 




Not taken, , 


91 


364,125 00 








2,643 


8,784,874 00 



180 PROVIDENT LIFE AND TEUST CO. OF PHILADELPHIA. 



Policies in Force Bee. 31, 1896. 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



Number. Amount. 

3,305 $11,849,992 00 

29,553 85,397,475 00 

3,433 14,786,341 00 

1,020,438 00 



Total No. 



Total Amount. 



36,291 $113,054,246 00 



Schedule A. 

Securities held as Collateral. 



1,800 shares Lehigh Valley R.R. Co., 

500 " Scranton Traction Co., . 

100 " King's County Traction Co., 

100 " New Orleans Traction Co., 

35 " Columbus Street Railway, 

Huntingdon & Big Sandy R.R. bonds, 

Fort Worth & Rio Grande R.R. Co. bonds, 

1,000 shares Paterson Railway Co., . 

100 " Pennsylvania R.R. Co., 

100 " King's County Traction Co 

Monongahela River R.R. Co. bonds, 

Fort Worth & Rio Grande Railway Co. bonds, 

Birm., Knox & Allentown Traction Co. bonds, 

500 shares Western Gas Co., . 
Monongahela River R.R. bonds, 
100 shares Metropolitan Traction Co., . 

10 " Guarantors' Liability Ind. Co. 
500 " Lehigh Coal and Navigation Co 
Baltimore Trust and Guar. Co., 
The United Gas Improve't Co., 
Metropolitan Traction Co., 
Tradesmen's National Bank 
Penn Argyle Water Co. bonds, 
Schuylkill Traction Co. bonds, 
Schuylkill Traction Co. bonds, 
City Water Co. of Chattanooga bonds, 
Philadelphia, Reading & New E. R.R. bonds, 
Consolidated Traction Co. of N. J. bonds, 
Electric and People's Traction Trust certs.,- 
100 shares Finance Co. of Pennsylvania, 



50 

1,50'0 

100 

100 



250 
1,100 

375 
1,362 
1,500 

270 

100 



Welsbach Commercial Co., . 
Investment Co of Philadelphia, 
Metropolitan Traction Co., . 
The United Gas Improve't Co., 
Consolidated Tract. Co., Pittsb'gh, 
Philadelphia Traction Co., . 
Penn. Heat, Light and Power Co , 



Market Value. 

$54,000 00 
4,000 00 ^ 
4,000 00 
900 00 
1,575 00 
900 00 
7,200 00 

25,000 00 
5,100 00 
4,000 00 
9,000 00 

12,000 00 
7,000 00 

30,000 00 
4,500 00 

10,800 00 
500 00 

20,500 00 ) 

9,000 00 S 

108,000 00 "| 

10,800 00 
5,000 00 } 
2,700 00 
2,550 00 j 
5,100 00 \ 
1,800 00 
8,050 00 
9,960 00 
1,673 00 
9,800 00 
6,250 00 
9,900 00 

40,500 00 

98,064 00 

10,500 00 

18,090 00 
2,500 00 



Loaned Thereon. 

$50,000 00 



5,454 17 



7,500 00 
22,000 00 

100,000 00 



\ 180,000 00 



PEOVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 181 



700 shares Philadelphia Traction Co , . 

600 " Metropolitan Traction Co., . 

500 " Consolidated Tract. Co. of N. J., 
1,100 " Metropolitan Traction Co., . 
1,000 " Union Traction Co., . 

800 " Philadelphia Traction Co., . 

500 " Metropolitan Traction Co., . 
1,000 " Baltimore Traction Co., 

200 " Philadelphia Traction Co , . 

200 " American Coal Co., 

200 " Pennsylvania Steel Co., 
80 " Equit. Tr. Co , Wilmington, Del. 

700 " Investment Co. of Phila., . 
20 " Insurance Co. of North America 

100 " Atch., Top. & Santa Fe R.R. Co., 
Central of Georgia R.R. Co. bonds, . 
Union Pac, Den. & Gulf R.R. Co. bonds, 
Phila. & Reading R.R. Co. bonds, . 

200 shares Metropolitan Traction Co., . 

300 " Welsbach Light Co., . 

700 " Electric Storage Battery Co., 

400 " Consolidated Trac. Co. of N. J., 
Consolidated Trac. Co of N. J. bonds, . 
1,400 shares Metropolitan Traction Co., . 

500 " Welsbach Light Co., . 
6,250 " Lehigh Valley Railroad Co., 
Phila. & Read. Coal and Iron Co. bonds, 

200 shares Sunbury and Lewiston R'y Co , 
1,100 " Metropolitan Traction Co., 
West Chicago St. R.R. Co. bonds, . 
Northern Central R'y Co. bonds, 
Elec. and People's Trac. Co. trust cert., 

500 shares Union Traction Co., 

900 " H., M. & F. Pass. R'y Co., 

100 " Finance Co. of Pennsylvania, 
North Chicago St. R.R. Co. bonds, . 
West Chicago St. R.R. Co. bonds, . 
3,900 shares Baltimore Traction Co., 
1,225 " North Chicago St. R.R. Co., 

360 " North Chicago St. R.R. Co., 
30 « West Chicago St. R.R. Co., 
Cicero & Proviso St. R.R. Co. bonds, 

633 shares The United Gas Improv. Co., 

100 " First National Bank of Phila., 
Carbondale & Forest City Pass. R'y bonds, 
Ashtabula & Pittsburgh R'y Co. bonds, . 



Market Value. 

$46,900 00 n 
64,800 00 i 
12,000 00 ) 
118,800 00 >| 
9,750 00 ! 
53,600 00 f 
54,000 00 J 
17,750 00 n 
13,400 00 i 
5,000 00 ) 
6,000 00 ^ 
10,800 00 
6,300 00 
435 00 
1,200 00 
4,500 00 J 
3,400 00 
121,500 00 
21,600 00' 
12,300 00 
19,100 00 y 
9,600 00 
29,050 00 J 
151,200 00 ) 
20,500 00 S 
187,500 00 
40,800 00 
13,000 00 
118,800 00 
167,040 00 
37,450 00 
10,689 00 ^ 
4,875 00 
45,900 00 

9,800 00 J 

57,600 00 >| 

9,600 00 I 

66,960 00 

2,400 00 

4,200 00 

45,576 00 

20,000 00 

61,200 00 

1,100 00 



66,300 00 
227,850 00 



Loaned Thereon. 

$100,000 00 
200,000 00 

25,000 00 
20,000 00 



3,800 00 
98,105 55 



75,000 00 



100,000 00 

122,462 51 

25,000 00 

11,000 00 

100,000 00 

117,587 92 

19,000 00 

> 50,000 00 



270,838 54 



59,008 33 



51,887 00 

50,000 00 
950 00 



!,573,337 00 $1,947,594 02 



182 PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost Value. Market Value. 

Pennsylvania & N. Y. Canal and R.R. Co. bonds, $47,500 00 $47,500 00 

Atlantic City R R. bonds, 104,000 00 104,000 00 

Lehigh Valley R.R. bonds, .... 61,500 00 61,500 00 

Richmond & Danville R.R. bonds, . . . 115,430 00 115,430 00 

Philadelphia & Erie R.R. bonds, . . . 55,930 00 55,930 00 

Verdigris Valley, Ind. & Western R.R. bonds, 40,000 00 40,000 00 

Western New York & Penn. R R. bonds, . . 65,720 00 65,720 00 

300 shares Central National Bank of Phila., . 96,000 00 96,000 00 

2,650 " The United Gas Improve. Co., . 188,150 00 188,150 00 

Central of Georgia R'y Company bonds, . . 217,500 00 217,500 00 

Chicago & Erie R.R. Co. bonds, . . . 8,270 00 8,270 00 

Allentown Gas Co. first mortgage bonds, . 49,500 00 55,000 00 

Atlantic City R.R. Co. bonds, . 65,000 00 67,600 00 

City of Baltimore loan, ..... 285,450 00 294,000 00 

Baltimore & Ohio R.R. Co. bonds, . . . 150,000 00 135,000 00 

City of Boston bonds, 230,750 00 226,000 00 

Catasauqua & Fogelsville R.R. bonds, . . 36,000 00 36,000 00 

Central of Georgia R'y bonds, . . . 227,500 00 225,000 00 

City of Chicago bonds, 200,000 00 206,000 00 

Chicago & Erie R.R. bonds, .... 364,000 00 381,500 00 

Chicago, Milwaukee & St. Paul R'y bonds, . 55,000 00 59,400 00 

Chicago, Rock Island & Pacific R.R. bonds, . 323,000 00 332,800 00 

County of Cook, 111., bonds, . . . . 200,000 00 200,000 00 

Easton & Amboy R.R. bonds, .... 20,000 00 21,200 00 

Erie R.R. bonds, 477,500 00 480,000 00 

City of Frankfort, Ky., bonds, .... 100,000 00 100,000 00 

Grand Rapids & Indiana R.R. bonds, . . 5,000 00 5,000 00 

Co. of Hennepin, Minn., C. H. & City Hall b'ds, 211,500 00 210,000 00 

City of Jersey City bonds, .... 104,500 00 104,500 00 

Kentucky & Indiana Bridge Co. bonds, . . 61,600 00 62,080 00 

Lehigh Coal and Navigation Co. bonds, . . 606,000 00 605,700 00 

Lehigh Valley R R. bonds, .... 478,000 00 553,500 00 

Lehigh Valley R'y bonds, .... 247,500 00 250,000 00 

Lehigh & Wilkesbarre Coal Co. bonds, . . 2,000 00 2,000 00 

City of Louisville, Ky., bonds, .... 250,000 00 260,000 00 

Lynchburg, Va., bonds, ..... 50,00000 50,00000 

Mercer County, Ky , bonds, .... 100,000 00 25,000 00 

City of Milwaukee bonds, 218,000 00 224,540 00 

Missouri Pacific R.R. bonds, .... 89,000 00 75,650 00 

New York, Lake Erie & Western R.R. bonds,. 39,000 00 39,000 00 

Northern Central R'y bonds, .... 190,000 00 209,000 00 

N. Y., Lake E. & W, Dock and Imp. Co. bonds, 204,000 00 206,850 00 

Northern Pacific R'y bonds, .... 140,500 00 152,150 00 

Northern Pacific R.R. and land grant bonds, . 261,000 00 194,400 00 



PROVIDENT LIFE AND TRUST CO. OF PHILADELPHIA. 183 



North Pennsylvania R.R. Co. bonds, 

Pennsylvania R.R. Co. bonds, . 

Pennsylvania & New York Canal & R.R. loan 

Philadelphia & Baltimore Central R.R. bonds 

Philadelphia & Erie R.R. Co. bonds, 

Philadelphia & Reading R.R. bonds, 

Philadelphia city loan, .... 

Philadelphia Traction Co. bonds, 

Port Reading R.R Co. bonds, . 

Port of Portland, Ore , bonds, . 

City of Quinc}\ 111., bonds, 

City of Richmond, Va., bonds, . 

Salt Lake City school district bonds, 

City of St. Louis, Mo., bonds, . 

Texas & Pacific Railway Co. bonds, 

City of Trenton bonds, 

United States bonds, . 

Township of Upper Darby, Del. Co., Pa., b'ds, 

Verdigris Val., Ind. & Western R.R. bonds, . 

Virginia State century bonds, . 

West Philadelphia Pass. Railway Co. bonds, . 

Western Penn. Railroad Company bonds, 

Wilkesbarre & Scranton Railway Co. bonds, . 

Belt Railroad & Stock Yard bonds, . 

City of Cincinnati bonds, . . . . . 

The Delaware River Ferry Co. of N. J. bonds, 

N. Y., Lake E. & Western R.R. bonds, . 

Northern Pac. R.R. and land grant bonds, 

Penn. & N. Y. Canal and Railroad Co. bonds,. 

Penn. Railroad Co. bonds, , 

Phila., Wil. & Baltimore Railroad Co. certs., . 

City of Trenton bonds, . . . . 

Wabash Railroad Company bonds, . 



Cost Value. 

$271,000 00 

265,000 00 

259,950 00 

110,000 00 

260,000 00 

710,045 00 

513,400 00 

225,675 00 

200,000 00 

52,500 00 

100,000 00 

125,000 00 

75,000 00 

88,000 00 

129,760 00 

61,200 00 

839,000 00 

121,000 00 

49,500 00 

59,150 00 

50,000 00 

151,000 00 

105,000 00 

30,000 00 

53,000 00 

19,110 00 

11,000 00 

94,945 00 

49,910 00 

124,000 00 

3,000 00 

11,000 00 

44,800 00 



Market Value. 

$303,520 00 

312,700 00 

247,000 00 

110,000 00 

267,800 00 

685,660 00 

513,400 00 

198,000 00 

180,000 00 

49,000 00 

101,000 00 

133,750 00 

78,000 00 

93,280 00 

132,900 00 

61,200 00 

836,500 00 

121,000 00 

40,000 00 

62,000 00 

57,000 00 

151,500 00 

105,000 00 

31,500 00 

53,560 00 

21,000 00 

11,000 00 

75,600 00 

49,220 00 

131,440 00 

3,060 00 

11,000 00 

44,800 00 



112,303,245 00$12,321,260 00 



184 PROVIDENT SAYINGS LIFE ASSURANCE SOCIETY OF N. Y. 



"PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY OF NEW 
YORK," NEW YORK, N. Y. 

[Incorporated Feb. 25, 1875. Commenced business Aug. 10, 1875.] 
Paid-up Capital, $100,000. 

Edward W. Scott, President. William E. Stevens, Secretary. 

Income. 

Received for premiums on new policies, 

Received for renewal premiums, 

Dividends applied to pay running premiums, .... 

Surrender values applied to purchase paid-up insurance and 

annuities, 



$488,930 28 

1,471,252 03 

196,432 16 



4,365 06 



Total, '. $2,160,979 53 

Deduct amount paid for reinsurance, . . . . 12,342 56 



Total premium income, 
Received for interest, .... 
for rents of company's property, 
for reinsurance, .... 



5,148,636 97 

62,536 98 

24,612 51 

90 70 



Total income, . . . $2,235,877 16 

Net or ledger assets Dec. 31, 1895, 1,736,562 87 



Total, $3,972,440 03 



Disbursements. 
Paid for losses, 

Received for losses and claims on policies reinsured, 

Net amount paid for losses, .... 

Paid to annuitants, 

Premium notes or loans voided by lapse, 
Cash dividends paid policy holders, 
Cash dividends applied to pay running premiums, 
Surrender values paid in cash, 
Surrender values applied to purchase paid-up insurance 
annuities, . . 



poli 



and 



Total paid policy holders, 

Cash paid for dividends to stockholders, . 

for commissions and bonuses to agents (new 

cies, $244,167.88; renewals, $85,948.36), 
for salaries and allowances to managers 
agents, ....... 

for medical examiner's fees and inspections, 
for salaries of officers and home office employees, 
for taxes on new premiums, $5,038.20; on re- 
newals, $16,476.20, 

for taxes on reserves, 



and 



$1,246,882 


30 


15,000 00 


$1,231,882 


30 


1,581 


40 


811 


12 


28,160 


27 


196,432 


16 


18,026 


17 


4,365 06 


$1,481,258 


48 


6,977 


60 



330,116 24 



20,413 

29,832 

108,156 

21,514 
317 



92 
83 
16 

40 
63 



PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY OF N. Y. 185 



Cash paid for taxes on real estate, . 
for fees, licenses, etc., 
for rent, .... 
for commuting commissions, 
for advertising, printing and post; 
for legal expenses, . 
for furniture and office fixtures, 
for real estate expenses (except ta 
for loss on sales of property, . 
for incidentals, 

Profit and loss account, . . . 

Total disbursements, .... 
Balance, 



ure, 



xes), 



$2,836 63 


6,842 53 


26,284 75 


2,718 


05 


35,101 


67 


15,038 


24 


4,416 


34 


10,019 


05 


2,825 


65 


19,633 


58 


946 


14 


. $2,125,249 89 


. f 1,847,190 


14 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Book value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Agents' debit balances, 

Loans to agents, 

Total, . 
Deduct agents' credit balances, 

Total net or ledger assets, as per balance, 



$241,470 57 

226,500 00 

60,650 00 

29,366 87 

5,467 93 

1,033,112 00 

9,359 61 

133,372 87 

50,963 27 

57,509 25 

11,847,772 37 
582 23 

11,847,190 14 



Other Assets. 
Interest due and accrued, . 

Rents due and accrued, 

Market value of real estate over cost, 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, 

Total, 

Deduct loading, 

Net amount of uncollected and 
deferred premiums, 



New Business. 

$27,276 93 

45,353 25 

$72,630 18 
21,963 37 



Renewals. 

f53,012 66 

193,515 32 

$246,527 98 
77,853 54 



f50,666 81 $168,674 44 



22,455 42 

6,784 96 

15,000 00 



Total assets, per company's books, . 



219,341 25 

1,110,771 77 



186 PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY OF N. Y. 



Items not admitted and Depreciation. 



Agents' debit balances, . . 
Loans to agents, 

Depreciation from cost of assets, 
Total, 

Total admitted assets, 
Deduct special deposits in other States, 

Balance, ..... 



$50,963 27 
57,509 25 
17,548 03 



$126,020 55 

1,984,751 22 
70,093 50 

1,914,657 72 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . 
Premium obligations in excess of net values of their policies, 
Death losses in process of adjustment, . . $214,000 00 
Claims resisted by the company, . . , 30,000 00 

Total policy claims, ..... 

Premiums paid in advance, ..... 
Due for taxes, fees, salaries, expenses, etc., . 
Contingent surrender value, . 

Liabilities as to policy holders, 
Deduct liabilities on special deposits, 

Surplus as regards policy holders, . . . $495,093 56 
Paid-up capital, ....... 

Surplus over capital, 

Gross liabilities, 



:,237,230 00 
71 39 



244,000 00 

3,998 67 

143 47 

636 13 

,486,079 66 
66,515 50 

fl,419,564 16 

100,000 00 
395,093 5Q 

.,914,657 72 



Premium Note Account. 

Premium notes received during 1896 (new policies, $6,774.76 ; 

old policies, $184.56), $6,95932 

Used in payment of losses and claims, . . $200 00 

Voided by lapse, ...... 811 12 

Redeemed by maker in cash, . 480 27 

Total, — 1,491 39 

Balance note assets Dec. 31, 1896, $5,467 93 



Exhibit of Policies. 

Policies and Additions in Force Dec. 31, 1895. 





Number. 


Amount. Total No. 


Total Amount. 


Whole life, 


. 1,445 


$3,295,813 00 




Endowment, 


645 


1,010,134 00 




All other, . 


. 23,614 


77,508,974 00 






— ■ 


__ — _ 25,704 


$81,814,921 00 



PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY OF N. Y. 187 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

Number. Amount. Total No. 

982 |2,170,592 00 
176 202,678 00 



4,720 12,043,308 00 



Total Amount. 



5,878 $14,416,578 00 



Whole life, 
Endowment, 
All other, . 



Old Policies revived. 

4 $9,000 00 

6 23,500 00 

101 484,100 00 



111 



516,600 00 



Whole life, 
Endowment, 
All other, . 



Old Policies transferred and increased. 

48 $218,543 00 
2,000 00 
. 1,592 6,376,257 00 
■ — 1,640 6,596,800 00 



Total, 33,333 $103,344,899 00 



Whole life, 
Endowment, 
All other, . 



Policies terminated during the Year. 

596 $1,416,850 00 

144 209,000 00 

. 6,435 21,544,366 00 



7,175 $23,170,216 00 



How terminated. 



By death, . 


. 


316 


$1,232,929 00 






expiry, 


. 


3,627 


10,651,637 00 






surrender, . 


. 


247 


890,990 00 






lapse, . 


. 


477 


985,700 00 






change, decrease 


and 










transfer, . 


. 


1,636 


6,903,140 00 






Not taken, . 


• 


872 


2,505,820 00 


7,175 


23,170,216 00 



Policies in Force Bee. 31, 1896. 



Whole life, 


. 1,883 


$4,277,098 00 




Endowment, 


683 


1,029,312 00 




All other, . 


. 23,592 


74,868,273 00 








26,158 


80,174,683 00 



188 PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY OF N. Y. 



Schedule A. 



Securities held as Collateral. 



10 shares Provident Invest. Co., Waco, Tex., 
240 " Waco Natatorium Co., . 
Wabash R.R. bonds, ...... 

1 share Cinn. Gas Light & Coke Co., . 
223 shares Hancock National Bank, Boston, . 
225 " Columbia Spinn. Co., New Bedford, 

50 " Lambeth Rope Co., New Bedford, . 



Market Value. 

$ 1,000 oo ; 

24,000 00 

5,337 50 

199 50 

15,610 00^ 

23,568 75 \ 

3,500 00. 



Loaned Thereon. 

$20,000 00 

3,000 00 
150 00 

37,500 00 



$73,215 75 $60,650 00 



Schedule B. 

Stocks and Bonds owned by the Company. 



80 shares Ann Arbor R.R., 
300 " Chicago, Mil. & St. Paul R.R., 
200 " Chicago & Northwestern R.R., 

15 " Citizens' N'l B'k, Englewood, N, J. 
200 " Lake Erie & Western R.R., . 
400 " Lake Shore & M. S Railway, 

20 " Macon, Ga., Savings Bank, 

50 " Provident Nat. Bank, Waco, Tex., 
100 " Pullman's Palace Car Co., 

55 " Washington Trust Co., N. Y., 
United States bonds, .... 

American Cotton Oil debenture bonds, . 
Ann Arbor R.R. bonds, . 
Atchison, Jewell Co. & Western R.R. bonds, 
Burl., C. R. & N. R.R. bonds, . 
Central R.R. & Bridge Co. bonds, . 
Chicago, Burl. & Quincy R.R. bonds, 
Chic, Rock Island & Pacific Railway bonds, 
Chicago & Erie RR bonds, 
Chicago & Western Ind. R.R. bonds, 
Cinn., Sandusky & Cleveland R.R. bonds, 
Clev., Cinn., Chic. & St. Louis Railway bonds 
Duluth, South Shore & Atlantic R.R. bonds, 
East Tenn., Virginia & Georgia R.R. bonds, 
Englewood, N. J., school bonds, 
Fremont, Elkhora & M. V. R.R. bonds, 
General Electric bonds, . 
Indiana, Illinois & Iowa R.R. bonds, 
Iowa Central R.R. bonds, . 
Kanawha & Michigan R.R. bonds, . 



Book Value. 

$6,166 66 
37,062 50 
19,600 00 

1,500 00 
16,975 00 
58,912 50 

1,980 00 

5,000 00 
14,312 50 
10,161 25 
129,556 25 
11,112 50 
12,333 34 
15,241 55 
29,250 00 

9,950 00 
10,137 50 

5,162 50 
15,056 25 
23,550 00 

5,075 00 
18,145 00 
19,425 00 
19,170 00 

7,222 81 
38,287 50 
12,615 00 
15,775 00 

8,975 00 
15,012 50 



Market Value. 

$1,920 00 
39,000 00 
20,050 00 

2,250 00 
13,800 00 
62,400 00 

2,000 00 

5,500 00 
15,000 00 
10,450 00 
132,412 50 
10,750 00 
11,920 00 

4,320 00 
30,750 00 

9,950 00 
10,000 00 

5,231 25 
16,500 00 
23,450 00 

5,250 00 
18,600 00 
20,500 00 
21,250 00 

7,222 81 
38,175 00 
10,800 00 
16,800 00 

9,600 00 
15,700 00 



THE PKUDENTIAL INSURANCE COMPANY OF AMERICA. 189 



Lake Erie & Western R R. bonds, . 
Lehigh & Hudson River R R. bonds, 
Milwaukee Elec. R & L. bonds, 
Minneapolis & St Louis R.R. bonds, 

Montreal city bonds, 

Nashville, Chat. & St. Louis R.R. bonds, . 
New York, Chicago & St. Louis R.R. bonds, 
Northern Ohio Railway bonds, 
Northwestern Telegraph Co. bonds, 
Oregon Improvement Co. bonds, 
Oregon S. L. Railway bonds, . 
Pittsburgh & Western R.R. bonds, . 
Quebec government bonds, 
Richmond city, Va., bonds, 
St. Louis, Iron M. & So. Railway bonds, . 
San Antonio & Aransas Pass Railway bonds, 
Southern R.R. Co. bonds, . . . 
Texas & Pacific R R. bonds, . 
Toledo & Ohio Central R.R. bonds, . 
Wabash R.R. bonds, ..... 
Western Gas Co., New York, bonds, 



Book Value. 

$32,081 25 
19,825 00 
28,950 00 
29,475 00 
43,357 50 
11,200 00 

9,162 50 
20,600 00 
15,900 00 
10,251 25 
10,762 50 
25,137 50 
14,565 30 
10,100 00 
20,425 00 
19,720 00 
26,587 50 
35,203 59 

7,760 00 
30,556 25 
18,768 75 



Market Value. 

$32,162 50 
20,000 00 
30,000 00 
29,625 00 
44,792 50 
10,800 00 
10,425 00 
20,625 00 
16,500 00 

8,500 00 
11,125 00 
22,800 00 
15,201 00 
10,100 00 
20,300 00 
17,250 00 
26,700 00 
34,400 00 

8,600 00 
32,025 00 
18,100 00 



.,033,112 00 $1,031,582 56 



"THE PRUDENTIAL INSURANCE COMPANY OF AMERICA," 

NEWARK, N.J. 

[Incorporated 1873. Commenced business 1876.] 
Paid-up Capital, $2,000,000. 

John F. Dryden, President, Forrest F. Dryden, Secretary. 

Income. 

Received for premiums on new policies, $1,626,573 66 

Received for renewal premiums, 11,518,011 97 

Dividends applied to pay running premiums, .... 3,763 41 

Dividends applied to purchase paid-up additions and annuities, 3,730 97 

Surrender values applied to pay running premiums, . . 830 59 

Surrender values applied to purchase paid-up insurance and 

annuities, 178,308 97 

Received for annuities, 1,595 00 

Total, . . . . $13,332,814 57 

Deduct amount paid for reinsurance, 3,843 68 



Total premium income, * . 



$13,328,970 89 



190 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA. 



Received for interest, .... 
Received for rents of company's property, 
Premium notes or loans restored, 
Profit on securities sold, . 



Total income, 
Net or ledger assets Dec. 31, 1895, 



Total, 



. $656,582 27 

169,219 58 

672 79 

3,000 00 

$14,158,445 53 
. 15,323,487 19 

129,481,932 72 



Disbursements. 



Paid for losses, 

for matured endowments and additions, . 

on matured instalment policies, .... 

Gross amount paid for losses and endowments, 

Paid to annuitants, . 

Premium notes voided by lapse, ..... 

Loans or liens voided by lapse, 

Cash dividends paid policy holders, 

applied to pay running premiums, . 
applied to purchase paid-up additions and an 

nuities, 

Surrender values paid in cash, 

applied to pay running premiums, 
applied to purchase paid-up insurance and 
annuities, 

Total paid policy holders, ...... 

Cash paid for dividends to stockholders, .... 

for commissions and bonuses to agents (new poli- 
cies, $1,187,260.22; renewals, $1,632,847.60), 

for salaries and allowances to managers and agents 

for medical examiner's fees and inspections, . 

for salaries of officers and home office employees 

for taxes on premiums, . 

for taxes on surplus, 

for taxes on real estate, . 

for fees, licenses, etc., 

for rent, . 

for advertising, printing and postage, 

for legal expenses, .... 

for furniture and office fixtures, 

for real estate expenses (except taxes), 

for incidentals, .... 
Profit and loss account, 

Total disbursements, . . 

Balance, • 



K,158,731 47 

8,280 00 

100 00 

Mt,167,lll 47 

2,403 50 

1,564 98 

12,628 48 

29,376 30 

3,763 41 

3,730 97 

6,798 08 

830 59 

178,308 97 

14,406,516 75 
200,000 00 

2,820,107 82 

1,624,092 42 

256,802 56 

544,754 42 

134,951 62 

33,098 37 

33,584 69 

12,893 55 

90,073 79 

i06,109 44 

23,308 56 

27,705 65 

77,949 94 

41,539 03 

203 75 

$10,533,692 36 

$18,948,240 36 



THE PRUDENTIAL INSURANCE COMPANY OF AMERICA. 191 



Invested in the following : — 



Assets as per Ledger Accounts 

Cost of real estate, . . . . . 
Loans on mortgage of real estate (first liens), 
Loans on company's policies assigned as collateral, 
Premium notes or loans on policies in force, . 
Cost value of bonds owned (schedule A), 
Cash in company's office and in bank, 

Total net or ledger assets, as per balance, 



$2,850,476 64 

8,410,080 21 

76,628 82 

19,567 87 

6,662,587 25 

928,899 57 

$18,948,240 36 



Other Assets. 

Interest due and accrued, 222,034 30 

Rents due and accrued, . 12,925 41 



New Business. Kenewals. 

Uncollected premiums on poli- 
cies in force, . . . $34,466 61 $25,657 99 

Deferred premiums on policies 
in force, 153,237 86 253,033 18 



Total, $187,704 47 $278,691 17 

Deduct loading (20 per cent.), . 37,540 89 55,738 23 



Net amount of uncollected and 

deferred premiums, . . $150,163 58 $222,952 94 



Net amount of uncollected premiums (industrial). 
Furniture and fixtures, ..... 

Stationery and supplies, 

Law library, ....... 



Total assets, per company's books, . 



373,116 52 

32,582 78 

134,189 74 

12,770 06 

14,285 73 

,750,144 90 



Items not admitted. 



Office furniture, etc., 
Law library, .... 
Agency supplies, stationery, etc., 
Depreciation from cost of assets, 
Total, 



$134,189 74 
14,285 73 
12,770 06 
10,146 10 



171,391 63 



Total admitted assets, 



$19,578,753 27 



192 THE PRUDENTIAL INSURANCE COMPANY OE AMERICA. 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), 
Deduct net value of reinsured risks, 



Net reserve, . . 
Special reserve, .... 

Present value of unpaid instalments, 
Death losses in process of adjustment, 
Claims resisted by the company, 

Total policy claims, . 
Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, 
Due for medical fees, etc., 
Contingent surrender value, 



Liabilities as to policy holders, 
Surplus as regards policy holders, 
Paid-up capital, 
Surplus over capital, 



,912,660 00 
6,350 00 



$14,906,310 00 

500,000 00 

621 00 



,731 57 
29,854 40 



69,585 97 

649 47 

8,257 33 

14,229 25 

9,677 00 



. $4,069,423 25 



$15,509,330 02 

2,000,000 00 
2,069,423 25 



Gross liabilities, 



,578,753 27 



Premium Note Account 

Premium notes on hand Dec. 31, 1895, 

received during 1896 (old poli- 
cies), .... 
restored by revival of policies 
Total, . . ... 
Used in payment of losses and claims, 
Used in purchase of surrendered policies, 
Voided by lapse, ..... 
Used in payment of dividends to policy holders 
Redeemed by maker in cash, . 
Total, . ... 



Balance note assets Dec. 31, 1896, 



,987 55 



14,373 32 




672 79 






$26,033 66 




$36 19 




1,598 23 




1,564 98 




1,448 61 




1,817 78 






6,465 79 





,567 87 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

. 27,191 $30,447,427 00 

. . . 3,413 3,589,682 00 

. . 289 666,424 00 

12 522 00 

30,893 $34,716,055 00 



THE PRUDENTIAL INSURANCE COMPANY OF AMERICA. 193 



Policies issued during the Year. 





Number. Amount. 


Whole life, 


. 14,473 $17,211,767 00 


Endowment, 


. 2,369 2,496,241 00 


All other, . 


116 534,920 00 




Old Policies revived. 


Whole life, 


653 $735,994 00 


Endowment, 


83 95,700 00 


All other, . 


1 1,000 00 



Total No. Total Amount. 

16,958 $20,242,928 00 



737 



832,694 00 



Whole life, 
Endowment, 
All other, . 

Additions by dividends, 



Old Policies increased. 

$68,830 00 

36,679 00 

1,699 00 



107,208 00 
7,201 00 



Total, 48,588 $55,906,086 00 



Policies terminated during the Tear. 
Whole life, . . . 11,426 $12,866,273 00 
Endowment, . . . 1,279 1,381,826 00 

All other 76 235,142 00 





12,781 


$14,483,241 00 




How terminated. 


By death, . 


202 


$275,747 00 


maturity, 


9 


8,480 00 


expiry, 


11 


14,500 00 


surrender, . 


274 


343,650 00 


lapse, . 


. 10,894 


11,398,195 00 


change and decrease, 


- 


235,748 00 


Not taken, . 


1,391 


2,206,921 00 



12,781 14,483,241 00 



Policies in Force Dec. 31, 1896. 
Whole life, . . . 30,891 $35,597,745 00 
Endowment, . . . 4,586 4,836,476 00 
All other, . . . . 330 969,311 00 

Reversionary additions, . - 19,313 00 



Industrial policies in force, 



- 35,807 41,422,845 00 
2,437,251 279,030,638 00 



194 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA. 



Schedule A. 
Bonds owned by the Company. 



United States bonds, . 

Atlantic Citj, N. J., water bonds, 

Columbus, O., gas bonds, . 

Jersey City, N. J., bonds, . 

Newark, N. J., bonds, 

Orange, N. J., bonds, 

Passaic Water Company bonds, 

Township of East Orange, N. J., bonds, 

Lackawanna Iron and Steel Co. bonds, 

Baltimore & Potomac R.R. bonds, . 

Bellefontaine & Indiana R.R. bonds, 

Buffalo & Erie R.R. bonds, 

Cedar Rapids & Missouri River R.R. bonds, 

Chicago, Burlington & Quincy R.R. bonds, 

Chicago & Milwaukee R.R. bonds, . 

Chicago, Milwaukee & St. Paul R.R. bonds, 

Chicago & St. Louis R.R. bonds, 

Chicago & Northwestern R.R. bonds, 

Chicago, St. Louis & Pittsburgh R.R. bonds, 

Chicago, Burlington & Quincy R.R. bonds, 

Chicago, St. Louis & New Orleans R.R. bonds 

Chicago, St. Paul & Minneapolis R R. bonds, 

Cin., Indianapolis, St. Louis & Chic. R.R. b'ds 

Clev , Col., Cin. & Ind. R.R. bonds, 

Col. & Ind. Cent. R R. bonds, . 

Columbus & Ind. Central R.R. bonds, 

Chicago & Southwestern R.R. bonds, 

Detroit, Monroe & Toledo R.R. bonds, . 

Fremont, Elkhorn & Mo. Valley R.R. bonds, 

Hannibal & St Joseph R.R. bonds, . 

Ind. Belt R.R. & Stock Yard Co. R.R. bonds, 

Ind., Cin. & Lafayette R.R. bonds, . 

Iowa Midland R.R. bonds, 

Jackson, Lansing & Saginaw R.R. bonds, 

Kalamazoo, Allegan & Gr. Rapids R.R. b'ds, 

Kan. City & Independ. Air Line R.R. bonds, 

Lake Shore R.R. bonds, .... 

Lake Shore & Mich. South'n R.R. bonds, 

Long Island R.R bonds, . 

Louisiana & Missouri River R.R. bonds, 

Louisville & Nashville R.R. bonds, . 

Louisv. & Frank, and Lex. & Frank. R.R. b'ds 

Michigan Central R.R. bonds, . 

Milwaukee & St. Paul R.R. bonds, 



Cost Value. 

$119,500 00 

281,562 50 

52,475 00 

53,625 00 

562,600 00 

107,000 00 

100,000 00 

6,318 65 

258,300 00 

31,805 00 

5,406 90 

57,762 10 

64,437 50 

160,500 00 

64,308 40 

113,667 50 

123,465 00 

50,000 00 

97,825 00 

158,900 00 

214,128 40 

3,686 25 

45,080 00 

254,113 40 

155,681 25 

20,966 25 

13,747 50 

79,038 75 

50,169 45 

113,450 00 

234,487 50 

5,375 00 

13,800 00 

92,562 50 

26,125 00 

39,840 00 

150,324 70 

129,340 00 

11,233 50 

104,572 55 

198,309 00 

109,112 50 

45,762 50 

122,710 80 



Market Value. 

$110,500 00 

281,250 00 

52,800 00 

53,625 00 

576,520 00 

121,820 00 

100,000 00 

6,348 65 

258,300 00 

31,070 00 

5,165 00 

55,755 00 

62,750 00 

143,125 00 

60,465 00 

113,355 00 

127,650 00 

50,875 00 

96,900 00 

156,060 00 

200,227 50 

3,795 00 

45,080 00 

243,105 00 

152,100 00 

20,925 00 

13,845 00 

77,490 00 

50,700 00 

115,500 00 

236,000 00 

5,006 25 

13,470 00 

94,185 00 

27,500 00 

40,800 00 

142,425 00 

131,880 00 

10,893 75 

99,645 00 

184,817 50 

103,000 00 

47,150 00 

116,620 00 



THE TRAVELERS INSURANCE COMPANY. 



195 



Milwaukee & Madison R.R. bonds, . 

Milwaukee & Northern RR. bonds, 

Michigan Central R.R. bonds, . 

N. Y. Cent. & Hudson River RR, bonds, 

Ottawa, Oswego & Fox River R.R. bonds, 

Pitts., Cin. & St. Louis R.R. bonds, . 

St. L. & Iron Mountain R.R. bonds, . 

St. Paul & Northern R.R. bonds, 

St. Paul, Minn., & Manitoba R.R. bonds, 

Syracuse, Binghamton & N. Y. R R. bonds, 

St Louis, Vandalia & Terre Haute R.R. b'ds, 

Union & Logansport R.R. bonds, 

West Shore R.R. bonds, .... 

Winona & St. Peter R.R. bonds, 

Bridgeport Traction Co. bonds, 

Newark & South Orange St. R\vay bonds, 

Plainfield Street Railway bonds, 

Rapid Transit St. Railway of Newark bonds, 



Cost Value. 

$122,105 00 

85,801 35 

57,911 25 

28,468 75 

25,750 30 

91,272 50 

90,800 00 

50,157 50 

201,048 00 

5,950 00 

61,562 25 

3,626 25 

63,000 00 

116,008 75 

325,000 00 

312,000 00 

7,200 00 

308,870 00 



Market Value. 

$123,200 00 

86,672 50 

59,410 00 

29,250 00 

24,502 50 

92,012 50 

90,000 00 

50,267 50 

202,362 50 

6,100 00 

58,000 00 

3,570 00 

63,000 00 

114,080 00 

357,000 00 

312,000 00 

8,000 00 

332,520 00 



1,662,587 25 $6,652,441 15 



"THE TRAVELERS INSURANCE COMPANY," HARTFORD, CONN. 

[life department.] 

[Incorporated June 17, 1863. Commenced business July 1, 1866.] 

James G. Batterson, President. John E. Morris, Secretary. 



Income. 



Received for premiums on new policies, 
Received for renewal premiums, 
Surrender values applied to pay running 
Received for annuities, 



Total, 

Deduct amount paid for reinsurance, 



Total premium income, 
Received for interest, 

for rents of company's property, 
for reinsurance, . 



Total income, . 
Net or ledger assets Dec. 31, 1895, . 



premiums 



$362,676 14 

2,073,133 66 

13,452 58 

29,690 15 

$2,478,952 53 

99,418 00 

$2,379,534 53 

729,779 31 

62,491 10 

5,872 24 

$3,177,677 18 

16,294,202 08 



Total, 



,471,879 26 



196 



THE TRAVELERS INSURANCE COMPANY. 



Disbursements. 

Paid for losses, . 

for matured endowments, 

on matured instalment policies, .... 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 

Net amount paid for losses and endowments, . 

Paid to annuitants, 

Surrender values paid in cash, 

Surrender values applied to pay running premiums, 

Total paid policy holders, . . . 

Cash paid for dividends to stockholders, .... 

for commissions and bonuses to agents (new poli 
cies, $155,550.18 ; renewals, $102,826.25), . 

for salaries and allowances to managers and agents 

for medical examiner's fees, .... 

for salaries of officers and home office employees, 

for taxes on new premiums, $ 5,555.64 ; on re- 
newals, $14,555.77, 

for taxes on reserves, 

for taxes on real estate, . 

for fees, licenses, etc., 

for rent, .... 

for commuting commissions, 

for advertising, printing and postage, 

for legal expenses, .... 

for furniture and office fixtures, 

for real estate expenses (except taxes), 

for loss on sales of property, 

for incidentals, 
Profit and loss account, 

Total disbursements, . 

Balance, ..... 



$666,636 93 
147,160 00 
177,774 47 



$991,571 40 
59,000 00 



$932,571 40 

11,139 58 

284,366 92 

13,452 58 



L,241,530 48 
125,000 00 

258,376 43 

48,398 98 

20,507 31 

60,993 40 

20,111 41 

3,265 78 
29,013 16 

4,619 50 
17,400 90 

1,005 40 
28,730 60 

5,584 46 

830 00 

580,756 47 

72,782 08 

30,895 65 

14,183 48 



$2,563,985 49 
$16,907,893 77 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, . 

Cash deposited in bank, . 

Bills receivable, 

Agents' debit balances, 

Suspense account, 

Total net or ledger assets, as per balance, 



51,773,878 37 

5,377,156 02 

714,150 00 

936,342 31 

6,912,816 96 

2,575 40 

1,172,528 02 

3,019 87 

11,086 23 

4,340 59 

$16,907,893 77 



THE TRAVELERS INSURANCE COMPANY. 



197 



Other Assets. 

Interest due and accrued, $165,627 59 

Market value of real estate over cost, 179,877 72 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, 

Total, 

Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. Renewals. 

$63,079 63 $232,431 46 
51,171 15 277,675 08 



$114,250 78 $510,106 54 
22,850 16 102,021 31 



'1,400 62 $408,085 23 



Total assets, per company's books, . 



499,485 85 
$17,752,884 93 



Items not admitted and Depreciation. 

Agents' debit balances, .. ' . . . . $11,086 23 

Bills receivable, 3,019 87 

Suspense account, 4,340 59 

Depreciation from cost of assets, . . . 247,835 10 

Total, 



Total admitted assets, 
Deduct special deposits in other States, 



Balance, 



266,281 79 

$17,486,603 14 
. 1,108,188 06 

$16,378,415 08 



Liabilities. 
Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . . . $15,820,942 00 
Deduct net value of reinsured risks, 



Net reserve, .... 
Present value of unpaid instalments, 
Reserve for indemnity contracts, 
Matured endowments due and unpaid, 
Death losses in process of adjustment, 
Claims resisted by the company, 

Total policy claims, . 
Premiums paid in advance, 

Liabilities as to policy holders, 
Deduct liabilities on special deposits, 

Surplus as regards policy holders, . 
Gross liabilities, 



297,736 00 

$15,523,206 00 

354,570 00 

5,000 00 



$5,127 00 
66,095 00 
23,268 80 



94,490 80 

6,497 11 

$15,983,763 91 

. 1,108,188 06 

$14,875,575 85 

. 1,502,839 23 

$16,378,415 08 



198 



THE TRAVELERS INSURANCE COMPANY. 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

Whole life, . . . 21,481 $59,219,686 00 
Endowment, . . . 8,286 20,854,129 00 
Allother,. . . . 2,483 7,281,343 00 

32,250 $87,355,158 00 



Whole life, 
Endowment, 
All other, . 



Policies issued during the Year. 

. 3,038 $9,250,058 00 

. 1,049 2,391,780 00 

223 512,222 00 



4,310 12,154,060 00 



Whole life, 
Endowment, 
All other, . 



Whole life, 
Endowment, 
All other, . 



Total, 



Old Policies revived. 

34 $99,300 00 

9 20,560 00 

2 7,500 00 



45 



Old Policies transferred and increased. 

. . 30 $ 169,640 00 

24 91,735 00 

492 1,658,250 00 
^ 546 



127,360 00 



1,919,625 00 



37,151 $101,556,203 00 



Policies terminated during the Year. 

Whole life, . . . 2,610 f 8,766,648 00 
Endowment, . ' . . 1,059 2,931,340 00 

Allother,. . . . 537 1,614,948 00 







4,206 $13,312,936 00 






How terminated. 


By death, . . . 


. 


317 $850,090 00 


maturity, . 


. 


109 142,496 00 


expiry, 


. 


223 733,100 00 


surrender, . 


. 


520 1,465,973 00 


lapse, . 


. 


1,435 4,385,782 00 


change and deer 


ease, 


784 3,225,875 00 


Not taken, 


• 


818 2,509,620 00 

\ °0fi 








Policies in Force Dec. 31, 1896. 


Whole life, . 


. 


21,973 $59,972,036 00 


Endowment, . 


. 


8,309 20,426,864 00 


All other, . 


• 


2,663 7,844,367 00 

32,945 



13,312,936 00 



88,243,267 00 



THE TRAVELERS INSURANCE COMPANY. 



199 



Schedule A. 
Securities held as Collateral. 

Market Value. 

40 shares Hartford Carpet Company, . . f 2,400 00 

Gal., Harrisburg & San Antonio R.R. bonds, . 57,600 00 

4 shares Eagle Lock Co., Terry ville, Conn. 

6 " Southern New England Tel. Co. 

40 " Bank of Topeka, Topeka, Kan., 

Assigned note secured by real estate, 

Sundry mortgages on real estate, assig. to Co. 

30 shares Hartford Loan & Trust Co., 



30 " Carbonate N 1 ! B'k, Leadville, Col. 
25 " First N'l B'k, Durango, Col., 
65 " First Nat'l Bank, Alamosa, Col., 
50 " B'dway Invest. Co., Denver, Col. 
10 " Far. High Line Canal & Res. Co. 
720 " E. N. Welch Manufacturing Co., 
821 " Bristol Brass & Clock Co., . 
423 " Bristol Manufacturing Co., . 
Mortgage on real estate, Bristol, Conn., . 
Texas & New Orleans R.R. Co. bonds, . 
South Pacific of Arizona R.R. Co. bonds, . 
Galveston, Harrisburg & San A. R R. Co. b'ds 
South Pacific of California R.R. Co. bonds, 
Northern of California R.R. Co. bonds, . 
Parsons Light & Heat Co. bonds, 
Mortgage on real estate at Seattle, Wash., 
Southern Pacific R.R. Co. of New Mexico b'ds 
Galveston, Harrisburg & San A. R.R. Co. b'ds 
Northern Railway Co. of California bonds, 
Texas & New Orleans R.R Co. bonds, . 
1,200 shares Third Ave. R.R. Co., N. Y. City, 
422 " Denver TrHvay Co., Denver, Col. 
Warranty deed, Denver, Col., . 
Chicago, Milwaukee & St. Paul R.R. bonds, 

103 shares Hartford & Conn. Western R.R. 
Mortgage on real estate, Brooklyn, N. Y., 
Trust deed, Pueblo, Col., assigned to Co., 
Centralia & Chester R.R. Co. bonds, 
Pennsylvania Company bonds, 



Schedule B. 



148 00 

600 00 

5,000 00 

300 00 

103,700 00 

3,000 00 

6,000 00 

2,750 00 

6,500 00 

2,500 00 

5,000 00 

18,000 00 

30,787 50 

15,862 50 

20,000 00 

23,250 00 

22,750 00 

27,000 00 

43,000 00 

13,650 00 

50,000 00 

54,000 00 

51,500 00 

36,000 00 

22,750 00 

23,250 00 

192,000 00 

12,660 00 

45,000 00 

24,910 00 

2,060 00 

600 00 

7,000 00 

26,560 00 

9,900 00 



Loaned Thereon. 

$900 00 

45,500 00 

450 00 

3,950 00 

200 00 

76,700 00 

250 00 



15,000 00 



) 

[ 45,000 00 
i 

) 



y 100,000 00 



) 

40,000 00 
45,000 00 

}> 100,000 00 
I 

j 

150,000 00 
I 35,000 00 

I 21,000 00 

500 00 

5,000 00 

22,200 00 

7,500 00 



$967,988 00 $714,150 00 



Stocks and Bonds owned by the Company. 

Cost Value. Market Value. 

Maine State bonds, $91,725 00 $90,000 00 

Province of Manitoba, Canada, bonds, . . 79,443 47 84,689 73 



200 



THE TRAVELERS INSURANCE COMPANY. 



Province of Quebec, Canada, bonds, 
Clark county, So Dak., bonds, 
Riley county, Kan., bonds, 
Mecklenburgh county, N. C, bonds, 
Union county, S. C, bonds, 
Pendleton county, Ky., bonds, . 
DeKalb county, Ala., bonds, 
Butler county, Neb., bonds, 
Laramie county, Wyo., bonds, . 
Coconino county, Ariz., bonds, 
Tarrant county, Tex., bonds, . 
Bexar county, Tex., bonds, 
Sault Ste. Marie, Ont, town bonds, 
Parkdale, Ont., town bonds, 
Collingwood, Ont., town bonds, 
Almonte, Ont., town bonds, 
Paris, Ont , town bonds, . 
Port Arthur, Ont., town bonds, . 
Coaticook, Quebec, town bonds, 
Iberville, Quebec, town bonds, 
Vernon, Conn., town bonds, 
Whitesboro, Tex , town bonds, . 
Cedartown, Ga., town bonds, . 
Wilson, N. C, town bonds, 
East Las Vegas, N. M., town bonds, 
Frankfort, So. Dak., township bonds 
North, Ind , township bonds, . 
Lancaster, Kan., township bonds, 
Walnut, Kan., township bonds, 
Rock Creek, Kan., township bonds, 
Parker, Kan., township bonds, . 
Canton, Kan , township bonds, . 
Elk, Kan., township bonds, 
Crawford, Kan., township bonds, 
Blaine, Kan., township bonds, . 
Oswego, Kan., township bonds, 
Winnipeg, Man., city bonds, 
Brandon, Man., city bonds, 
Minneapolis, Minn., city bonds, 
Winona, Minn , city bonds, 
Pawtucket, R. L, city bonds, 
Superior, Wis., city bonds, 
Colorado City, Col., city bonds, 
Canon City, Col., city bonds, . 
Pueblo, Col., city bonds, . 
Cheyenne, Wyo., city bonds, . 
Johnson, Tenn., city bonds, 
Lexington, Ky., city bonds, 



Cost Value. 

$47,449 83 

2,752 00 
48,000 00 
26,812 50 
66,875 00 
21,200 00 
20,000 00 
57,085 00 
50,000 00 
15,000 00 
50,000 00 
52,500 00 
50,995 00 
11,765 00 

5,450 00 
10,131 33 

8,567 75 
43,000 00 
25,375 00 
10,325 00 
125,000 00 
10,000 00 
50,000 00 
12,000 00 
10,200 00 

1,455 00 
30,000 00 
14,850 00 
18,000 00 
25,000 00 
24,500 00 
15,200 00 
13,125 00 
23,875 00 
13,200 00 
10,000 00 
79,470 00 
25,000 00 
81,462 50 
33,000 00 
24,181 54 
22,500 00 

5,000 00 
30,070 00 
22,736 25 
65,000 00 
46,500 00 
30,600 00 



Market Value. 

$50,613 33 

3,000 00 
50,000 00 
26,812 50 
66,875 00 
21,200 00 
20,000 00 
49,000 00 
50,000 00 
15,000 00 
50,000 00 
52,500 00 
50,500 00 
12,300 00 

5,831 50 
10,815 00 

8,960 00 
43,000 00 
27,000 00 
10,300 00 
125,000 00 
10,000 00 
50,000 00 
12,000 00 
10,200 00 

1,500 00 
30,000 00 
15,000 00 
18,000 00 
25,000 00 
25,000 00 
16,000 00 
15,000 00 
25,000 00 
16,000 00 
10,000 00 
79,750 00 
25,500 00 
81,462 50 
33,000 00 
24,181 54 
22,500 00 

5,000 00 
31,000 00 
22,736 25 
65,000 00 
37,500 00 
30,600 00 



THE TRAVELERS INSURANCE COMPANY. 



201 



Quitman, Ga., city bonds, . 

Waycross, Ga., city bonds, 

Farmersville, Tex , city bonds, 

St. Jo, Tex., city bonds, . 

Greensboro, N. C, city bonds, . 

Fayetteville, N. C, city bonds, 

Missoula, Mont., city bonds, . 

Helena, Mont., city bonds, 

Butte, Mont., city bonds, . 

Boise City, Idaho, city bonds, . 

Salt Lake City, Utah, city bonds, 

Logan, Utah, city bonds, . 

Sioux City, Iowa, city bonds, . 

Indianapolis, Ind., city bonds, . 

Falls City, Neb., city bonds, 

Tecumseh, Neb., city bonds, 

Edgar, Neb., city bonds, . 

Clyde City, Kan., city bonds, . 

Arkansas City, Kan., city bonds, 

Ottawa, Kan., city bonds, . 

Kansas City, Kan , city bonds, . 

Sherbrooke, Quebec, city bonds, 

Quebec, Quebec, city bonds, 

Hull, Quebec, city bonds,. 

St. Hyacinthe, Quebec, city bonds, 

Montreal, Quebec, city bonds, . 

St. Thomas, Ont , city bonds, . 

Toronto, Ont., city bonds, 

Guelph, Ont., city bonds, . 

Port Hope, Ont., city bonds, 

Brantford, Ont., city bonds, 

Stratford, Ont., city bonds, 

Vancouver, B. C, city bonds, : 

Victoria, B. C, city bonds, 

Lake Superior Elevator Co. bonds, 

Hunt Drainage Dist. bonds, 

Windsor Locks, Conn., Water Co. bonds, 

Brooklyn, N. Y., Wharf & Warehouse Co b'ds, 

Fort Smith and Van Buren Bridge Co. bonds, 

Middletown & Portland Bridge Co. bonds, 

Massillon & Cleveland Coal Co. bonds, . 

Western Union Telegraph Co. bonds, 

Eastern Illinois Coal Co. bonds, 

Denver Consolidated Electric Co. bonds, 

Allentown, Pa., Gas Co. bonds, 

Lake Shore & Michigan Southern R.R. Co. b'ds, 

Cincinnati, Ind , St. L. & Chicago R.R. bonds, 

Mobile & Birmingham R.R. bonds, . 



Cost Value. 

$20,000 00 
25,000 00 
14,000 00 

5,940 00 
17,680 00 

6,370 00 
25,750 00 
75,376 30 
45,700 00 
30,000 00 
23,287 50 
19,000 00 
23,650 00 
47,649 13 
22,560 00 
20,895 00 
12,935 00 

4,375 00 
26,250 00 

8,160 00 

7,400 00 
30,750 00 
49,000 00 
10,200 00 
10,150 00 
54,585 73 
33,765 00 
50,000 00 
81,522 20 
60,600 00 
53,102 50 
11,182 50 
10,920 00 
13,250 00 
25,000 00 
25,000 00 
38,000 00 
250,250 00 
50,400 00 
49,500 00 

9,900 00 
99,287 50 
14,500 00 
24,375 00 
48,500 00 

2,110 00 
94,000 00 
15,000 00 



Market Value. 

$20,000 00 
25,000 00 
14,000 00 

6,000 00 
17,680 00 

6,370 00 
25,750 00 
75,374 00 
45,700 00 
30,000 00 
23,287 50 
20,000 00 
23,000 00 
47,023 01 
24,000 00 
21,000 00 
13,000 00 

5,000 00 
26,250 00 

8,160 00 

6,120 00 
33,000 00 
52,000 00 
10,000 00 
10,450 00 
59,240 00 
33,900 00 
50,500 00 
83,220 00 
60,600 00 
55,000 00 
11,445 00 
11,300 00 
14,000 00 
25,000 00 
25,000 00 
40,000 00 
251,250 00 
50,640 00 
50,000 00 
10,000 00 
108,000 00 

7,250 00 
25,000 00 
50,000 00 

2,160 00 
97,000 00 

7,750 00 



202 



THE TRAVELERS INSURANCE COMPANY. 



Atlantic & Pacific R.R. bonds, . 
Southern R.R. bonds, .... 
St. Louis & San Francisco R.R. bonds, 
Duluth & Manitoba R.R. bonds, 
Keokuk & Des Moines R.R. bonds, . 
Chicago, Milwaukee & St. Paul R.R. bonds, 
Canadian Pacific R.R. bonds, . 
Hereford, Can., R R. bonds, 
Stillwater & St. Paul R.R. bonds, 
Toledo, St. Louis & Kansas City R R. bonds, 
Staten Island Rapid Transit R.R. bonds, . 
Seattle, Lake Shore & Eastern R.R. bonds, 
Lehigh Valley Terminal R.R. bonds, 
Kansas City & Pacific R.R. bonds, . 
Kanawha & Michigan R.R. bonds, . 
Indianapolis & Vincennes R.R. bonds, 
Brooklyn, N. Y., Elevated R.R. bonds, . 
Knoxville & Ohio R.R. bonds, . 
Terre Haute & Peoria R.R. bonds, . 
New Haven & Derby R.R. bonds, . 
Eureka Springs R.R. bonds, 
Pittsburgh & Western R.R. bonds, . 
Rio Grande Junction R.R. bonds, 
Philadelphia & Reading R.R. bonds, 
Texas & Pacific R.R. bonds, 
Duluth, South Shore & Atlantic R.R. bonds, 
Chicago & Western Indiana R.R. bonds, . 
Columbus & Toledo R.K. bonds, 
Black Rocks & Salisbury Beach St. R.R. b'ds 
North Chicago, 111., St. R.R. bonds, . 
Toledo, Ohio, Electric St. R.R. bonds, 
Naumkeag, Salem, Mass., St. R.R. bonds, 
Amsterdam, N. Y., St. Railway bonds, 
Kansas City, Mo., Cable R.R. bonds, 
Hartford, Conn., St. Railway Co. bonds, . 
Consolidated Light & Railway Co. bonds, 
St. Louis Merchants 1 Bridge Term. R.R. bonds 

500 shares Del., Lackawanna & West. R.R., 
1,650 " N. Y. Central & Hudson R. R.R 
1,250 " Lake Shore & Mich. South. R.R 

600 " Rensselaer & Saratoga R R., 
1,000 " Missouri Pacific R.R., . 

700 "■ Chicago, Rock Island & Pac R.R, 

500 " Central Pacific R.R., . 

100 " Boston & Albany R.R., 
2,000 " Chicago & Northwestern R.R., 

100 " New York & New England R.R 

425 " Southern R.R , . . . 
75 " Mobile & Birmingham R.R., 



Cost Value. 

$43,000 00 
76,207 50 

100,500 00 
45,937 50 
4,950 00 
65,000 00 
49,000 00 
50,000 00 
32,690 00 
87,750 00 
29,000 00 
50,000 00 
53,625 00 
18,590 00 
19,375 00 
17,027 50 
28,645 00 
50,880 00 
20,400 00 
98,282 50 
25,000 00 
44,860 00 
45,000 00 
8,000 00 
31,150 00 
4,825 00 

116,875 00 
11,750 00 
22,500 00 
51,750 00 
22,125 00 
47,500 00 
47,500 00 
33,000 00 
101,000 00 
98,000 00 
50,450 00 
33,656 25 
175,425 00 
157,425 00 
106,800 00 
103,537 50 
85,856 25 
46,612 50 
20,161 50 
236,775 00 
13,455 00 
14,237 50 
7,500 00 



Market Value. 

$23,000 00 
81,675 00 
110,500 00 
37,310 00 
10,500 00 
66,000 00 
53,500 00 
50,000 00 
30,100 00 
62,550 00 
25,500 00 
20,000 00 
55,000 00 
16,000 00 
19,500 00 
17,027 50 
19,500 00 
56,625 00 
20,400 00 
95,910 00 
15,500 00 
41,250 00 
42,500 00 

8,100 00 
30,100 00 

5,075 00 

117,250 00 

11,750 00 

25,000 00 

51,750 00 

24,500 00 

50,000 00 

45,000 00 

33,000 00 

102,000 00 

98,000 00 

52,000 00 

39,500 00 

155,100 00 

191,250 00 

108,600 00 

20,000 00 

46,287 50 

7,500 00 

20,800 00 

203,500 00 

6,200 00 

11,050 00 
750 00 



THE UNION CENTRAL LIFE INSURANCE COMPANY. 



203 



500 
300 
600 

1,128 
250 
250 
302 
300 
200 
200 
240 
100 
50 
200 
100 
20 
50 
350 
140 
840 

2,470 



shares Northern Pacific R.R., . 
" Manhattan Railway Co., 
" Natl Ex. Bank, Hartford, Conn., 
" Hartford Nat'l B'k, Hart , Conn., , 
" First Nat'l B'k, Hartford, Conn., . 
" Charter Oak N. B'k, Hart., Conn., 
" Thames N. B'k, Norwich, Conn.,. 

First N. B'k, Wallingford, Conn. 

First N. B'k, Middletown, Conn., , 
" Am. Ex. N. B'k, New York, N. Y., 
" Mer. Ex. N. B'k, New York, N. Y., 

Nassua N. B'k, New York, N. Y.. 
" N'l Ger. Am. B'k, St. Paul, Minn., 
" N. B'k of C'wealth, Boston, Mass., 
" Atlas National B'k, Boston, Mass. 
" American N'l B'k, Kan. City, Mo., 
" State Nat'l B'k, St. Joseph, Mo., 
" Conn. Tr. & S. D. Co., Ht, Conn., 
" Security .Co., Hartford, Conn., 

Hartford City Gas Light Co., 
" Hartford L'n & T. Co., Den., Col. 



Cost Value. 

$16,500 00 
30,200 00 
43,046 50 

179,276 75 
26,636 63 
30,216 25 
42,492 00 
31,800 00 
21,097 00 
21,413 00 
11,912 79 
7,250 00 
15,100 00 
21,212 75 
11,900 00 
8,000 00 
8,600 00 
29,400 00 
14,736 25 
38,235 01 

247,000 00 



Market Value. 

$16,250 00 
26,775 00 
37,800 00 

157,920 00 

28,750 00 

23,000 00 

46,810 00 

33,900 00 

21,600 00 

34,200 00 

13,320 00 

7,650 00 

3,600 00 

27,400 00 

11,450 00 

1,500 00 

3,750 00 

59,150 00 

17,220 00 

35,280 00 

247,000 00 



1,912,816 96 $6,664,981 86 



"THE UNION CENTRAL LIFE INSURANCE COMPANY," 
CINCINNATI, OHIO. 

[Incorporated 1867. Commenced business 1867.] 
Paid-up Capital, $100,000. 

John M. Pattison, President. E. P. Marshall, Secretary. 



Income. 

Received for premiums on new policies, .... 
Received for renewal premiums, ..... 
Dividends applied to pay running premiums, . 
Dividends applied to purchase paid-up additions and annuities 
Surrender values applied to pay running premiums, 
Surrender values applied to purchase paid-up insurance and 

annuities, 

Received for annuities, 



Total, ...... 

Deduct amount paid for reinsurance, 

Total premium income, 
Received for interest, 
Received for rents of company's property 



Total income, . . 
Net or ledger assets Dec. 31, 1895, . 

Total, 



$703,070 61 

2,422,945 05 

68,829 09 

16,221 62 

3,085 72 

110,598 94 
1,700 00 



1,326,451 03 
27,636 04 



5,298,814 99 

973,617 68 

15,906 90 



$4,288,339 57 
13,941,391 39 



$18,229,730 96 



204 



THE UNION CENTRAL LIFE INSURANCE COMPANY. 



Disbursements. 

Paid for losses and additions, ..... 
Paid for matured endowments and additions, . 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 



Net amount paid for losses and endowments, 
Paid to annuitants, ...... 

Premium notes or loans voided by lapse, 
Cash dividends paid policy holders, 

applied to pay running premiums, 
applied to purchase paid-up additions and an 
nuities, . . . . 

Surrender values paid in cash, 

applied to pay running premiums, 
applied to purchase paid-up insurance and 
annuities, 

Total paid policy holders, . . . . 
Cash paid for dividends to stockholders, .... 

for commissions and bonuses to agents (new poli 
cies, $349,221.25; renewals, $148,060.06), . 

for salaries and allowances to managers and agents 

for medical examiner's fees and inspections, . 

for salaries of officers and home office employees 

for taxes on premiums, 

for taxes on investments, $1,276.24; on reserves 
$994.37, 

for taxes on real estate, . 

for fees, licenses, etc., 

for rent, 

for commuting commissions, . 

for advertising, printing and postage, 

for legal expenses, .... 

for furniture and office fixtures, 

for real estate expenses (except taxes), 

for loss on sales of property, . 

for incidentals, . . 
Profit and loss account, 

Total disbursements, 

Balance, 



$664,281 48 
126,240 04 



$790,521 52 
25,000 00 



$765,521 52 

2,043 85 

179,620 51 

68,203 66 

68,829 09 

16,221 62 

135,387 03 

3,085 72 

110,598 94 



,349,511 94 
10,000 00 

497,281 31 
55,153 56 
46,522 00 
92,165 40 
41,605 16 

2,270 61 
5,962 91 
8,918 43 

31,711 51 
3,300 00 

33,718 02 

10,444 33 
3,658 25 

11,164 10 
9,473 49 

55,070 53 
106,943 19 



$2,374,874 74 



$15,854,856 22 



THE UNION CENTRAL LIFE INSURANCE COMPANY. 



205 



Invested in the following : ■ — 

Assets as per Ledger Accounts 

Cost of real estate, ...... 

Loans on mortgage of real estate (first liens), 
Loans on company's policies assigned as collateral 
Premium notes or loans on policies in force, 
Par value of United States bonds owned, 
Cash in company's office, 
Cash deposited in bank, 
Bills receivable, 
Agents 1 debit balances, 
Furniture, . 

Total net or ledger assets, as per balance, 



$520,087 02 

12,234,977 28 

1,648,716 33 

855,063 86 

10,000 00 

3,538 44 

357,381 64 

82,404 61 

127,687 04 

15,000 00 

115,854,856 22 



Other Assets. 
Interest due and accrued, .... 
Rents due and accrued, 
Market value of real estate over cost, 
Market value of bonds over par, 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, ..... 

Total, 

Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business 

$165,769 59 

19,975 71 

$ 185,745 30 
37,149 06 



Renewals. 

$51,397 50 

47,836 77 

$99,234 27 
19,846 85 



$148,596 24 $79,387 42 



471,426 02 
1,929 22 
2,830 55 
1,025 00 



227,983 66 



Total assets, per company's books, . 



$16,560,050 67 



Items not admitted. 



Office furniture, etc., 
Agents' debit balances, 
Bills receivable, 
Total, . 



Total admitted assets, 
Deduct special deposits in other States, 



$15,000 00 

127,687 04 

82,404 61 



- 225,091 65 

$16,334,959 02 
11,025 00 



Balance, 



$16,323,934 02 



206 



THE UNION CENTKAL LIFE INSUKANCE COMPANY. 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries" 4 per cent.), 
Deduct net value of reinsured risks, 



Net reserve, .... 
Commissions due on premium notes, 
Matured endowments due and unpaid, 
Death losses in process of adjustment, 
Claims resisted by the company, 

Total policy claims, . 
Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, 

Liabilities as to policy holders, 
Deduct liabilities on special deposits, 



Surplus as regards policy holders, . 
Paid-up capital, .... 

Surplus over capital, 



$14,022,166 00 
20,175 00 



$14,001,991 00 
90,108 58 



$100 00 
36,300 00 
27,700 00 



64,100 00 

5,362 58 

82,372 19 

$14,213,934 35 
11,025 00 



5,091,024 67 



Gross liabilities, 



$14,232,909 35 

100,000 00 
. 1,991,024 67 

$16,323,934 02 



Premium Note Account. 

Premium notes on hand Dec. 31, 1895, . . $772,417 43 
Premium notes received during 1896 (new poli- 
cies, $259,038.12; old policies, $1,091,169.85), 1,350,207 97 

Total, . . .-..' $2,122,625 40 

Used in payment of losses and claims, . . $9,687 77 

Used in purchase of surrendered policies, . 48,497 76 

Voided by lapse, 179,620 51 

Used in payment of dividends to policy holders, 4,017 27 

Redeemed by maker in cash, .... 1,025,738 23 

Total, 1,267,561 54 

Balance note assets Dec. 31, 1896, ..... $855,063 86 



Exhibit of Policies. 





Policies and Additions 


in Force Dec. 31, 1895. 


Whole life, 
Endowment, 
All other, . 
Reversionary 


Number. 

. 43,728 
. 4,420 
. 1,970 
additions, . 


Amount. Total No. Total Amount. 

$72,892,732 00 

7,472,824 00 

3,792,750 00 

92 992 00 

50,118 $84,251,298 00 



THE UNION CENTRAL LIFE INSURANCE COMPANY. 



207 



Whole life, 
Endowment, 
All oilier, . 



Policies issued during the Year. 



Number. 


Amount. Total No. 


Total Amount. 


11,047 


$25,435,668 00 




776 


1,674,876 00 




859 


2,211,150 00 






12,682 


$29,321,694 00 



Old Policies revived. 



Whole life, 

Endowment, 

All other, .... 


462 
34 

8 


$785,575 00 
41,800 00 
13,500 00 


Additions by dividends, . 
Total, . . .-■■. 


. 



504 



810,875 00 
24,643 00 



63,304 $114,438,510 00 



Policies terminated during the Year. 

Whole life, . . . 8,247 $16,514,427 00 
Endowment, ... 723 1,384,415 00 

All other, .... 1,379 2,641,453 00 



10,349 $20,540,295 00 



How terminated. 



By death, . 


335 


$665,399 00 




maturity, 


78 


172,100 00 




expiry, . 


222 


323,200 00 




surrender, . 


498. 


899,129 00 




lapse, . 


. 6,699 


11,959,085 00 




change and decrea 


se, . 448 


1,506,378 00 




Not taken, . 


. 2,069 


5,015,004 00 








10,349 


20,540,295 00 



Policies in Force Dec. SI, 1896. 



Whole life, 


. 46,990 


$82,599,548 00 


Endowment, 


. 4,507 


7,805,085 00 


All other, . 


. 1,458 


3,387,400 00 


Reversionary additions, 


- 


106,182 00 



52,955 93,898,215 00 



208 



UNION MUTUAL LIFE INSURANCE COMPANY. 



" UNION MUTUAL LIFE INSURANCE COMPANY," PORTLAND, ME. 

[Incorporated July 17, 1848. Commenced business Oct. 1, 1849.] 

Fred E. Richards, President. J. Frank Lang, Secretary. 



Income. 

Received for premiums on new policies, 

Received for renewal premiums, 

Dividends applied to pay running premiums, . 
Dividends applied to purchase paid-up additions and annuities 
Surrender values applied to pay running premiums, 
Surrender values applied to purchase paid-up insurance and 

annuities, ..... 
Received for annuities, 



Total, 

Deduct amount paid for reinsurance, 



Total premium income, 

Received for interest, 

as discount on claims paid in advance, 
for rents of company's property, 

Premium notes or loans restored, 

Appreciation of assets, 



Total income, 
Net or ledger assets Dec. 31, 1895, 



Total, 



$205,582 89 

843,572 17 

9,399 40 

19,439 14 

5,351 58 

26,422 27 
1,028 30 

1,110,795 75 
3,016 30 

1,107,779 45 

291,013 08 

1,933 13 

21,061 04 

482 00 

50,000 00 



$1,472,268 70 
6,473,498 98 

$7,945,767 68 



Disbursements. 

Paid for losses and additions, ....... $466,027 54 

for matured endowments and additions, .... 137,234 41 

on matured instalment policies and additions, . . 242 19 

Gross amount paid for losses and endowments, . . $603,504 14 

Paid to annuitants, ...... . . . 479 91 

Premium notes voided by lapse, 1,014 00 

Loans on policies voided by lapse, 13,187 21 

Cash dividends paid policy holders, 5,381 57 

applied to pay running premiums, . . 9,399 40 
applied to purchase paid-up additions and an- 
nuities, 19,439 14 

Surrender Values paid in cash, 55,829 46 

applied to pay running premiums, . . 5,351 58 
applied to purchase paid-up insurance and 

annuities, ...... . 26,422 27 



Total paid policy holders, . . . .... $740,008 68 



UNION MUTUAL LIFE INSURANCE COMPANY. 



209 



Cash paid for commissions and bonuses to agents (new poli- 
cies, $127,286.45 ; renewals, $43,084.87), . 
for salaries and allowances to managers and agents, 
for medical examiner's fees, .... 
for salaries of officers and home office employees, 
for taxes on new premiums, $3,108.88 ; on renew 

als, $8,395.22, 
for taxes on reserves, 
for taxes on real estate, 
for fees, licenses, etc., 
for rent, . 

for commuting commissions, 
for advertising, printing and postage, 
for legal expenses, .... 
for furniture and office fixtures, 
for real estate expenses (except taxes), 
for loss on sales of property, . 
for incidentals, 

Profit and loss account, . 

Total disbursements, ..... 
Balance, 



$170,371 32 

84,543 23 

25,822 86 

57,538 24 

11,504 10 
2,961 19 

10,051 87 
8,111 54 

16,563 73 
2,864 08 

24,084 77 
7,036 06 
1,904 94 

12,247 85 
259 00 

11,916 91 

55,540 38 

$1,243,330 75 
$6,702,436 93 



Invested in the following- 



Assets as per Ledger Accounts. 

Value of real estate, . 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Book value of stocks and bonds owned (schedule B), 

Cash in company's office, ...... 

Cash deposited in bank and in transit (since received), 

Bills receivable, 

Agents' debit balances, 

Cash notes taken for premiums, .... 

Total net or ledger assets, as per balance, 



$811,274 13 

1,481,695 66 

751,919 98 

18,975 00 

197,654 00 

3,295,163 64 

481 03 

80,530 37 

18,648 58 

9,977 29 

36,117 25 

56,702,436 93 



Other Assets. 

Interest due and accrued, . 

Bents due and accrued, . 

Market value of stocks and bonds over book, . 



76,180 53 

1,536 40 

88,113 98 



210 



UNION MUTUAL LIFE INSURANCE COMPANY. 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, .... 

Total, .... 

Deduct loading (20 per cent.), 

JSTet amount of uncollected and 
deferred premiums, 



New Business. 

$47,690 40 

22,793 06 

170,483 46 
14,096 69 



,386 77 



Renewals. 

244 17 



65,986 48 

$143,230 65 
28,646 13 



14,584 52 



$170,971 29 



Total assets, per company's books, . 

Items not admitted. 
Agents' debit balances, ..... 

Bills receivable, 

Loans in excess of market value, . 

Total, 

Total admitted assets, .... 
Deduct special deposits in other States, . 



f7,039,239 13 



$9,977 29 

18,648 58 

2,545 00 



Balance, 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent.), . 
Deduct net value of reinsured risks, . . . 



Net reserve, 

Present value of unpaid instalments, 
Matured endowments due and unpaid, 
Death losses in process of adjustment, 
Claims resisted by the company, 

Total policy claims, ..... 

Unpaid dividends of surplus due policy holders, 
Premiums paid in advance, .... 

Contingent reserve, ...... 

Bills payable, 



$10,499 67 

35,049 35 

3,000 00 



Liabilities as to policy holders, . 
Deduct liabilities on special deposits, 



Surplus as regards policy holders, . 
Gross liabilities, 



31,170 87 

',008,068 26 
606,551 87 

5,401,516 39 



5,400,766 00 
7,648 00 

5,393,118 00 
2,600 22 



48,549 02 

2,972 84 

2,759 86 

58 00 

51,000 00 

5,501,057 94 
606,551 87 

>,894,506 07 
507,010 32 

1,401,516 39 



UNION MUTUAL LIFE INSURANCE COMPANY. 211 



Premium Note Account. 

Premium notes on hand Dec. 31, 1895, 

rec'd during 1896 (old policies), 
restored by revival of policies, 

Total, . 

Used in payment of losses and claims, 
Used in purchase of surrendered policies, 
Voided by lapse, ...... 

Used in payment of dividends to policy holders, 
Redeemed by maker in cash, .... 

Total, 

Balance note assets Dec. 31, 1896, 

Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

|21,098,872 00 

10,204,485 00 

5,154,164 00 

224,620 00 

20,916 $36,682,141 00 



>,458,908 00 
996,414 00 

174,800 00 
5,242 7,630,122 00 



|213,042 00 




6,642 00 




482 00 






$220,166 00 


$12,296 00 


4,742 00 




1,014 00 




3,920 00 




540 00 






22 512 00 






. . . 


$197,654 00 



Whole life, 


. 12,289 


Endowment, 


. 5,959 


All other, . 


. 2,668 


Reversionary 


additions, . - 




Policies issiM 


Whole life, 


. 4,420 


Endowment, 


741 


All other, . 


81 



Old Policies revived. 

Whole life, ... 39 $56,544 00 

Endowment, ... 3 4,000 00 

All other, .... 1 1,621 00 



43 62,165 00 

Old Policies transferred and increased. 

Whole life, ... 17 $ 35,320 00 

Endowment, 42 20,322 00 

All other, .... 553 1,003,446 00 

612 1,059,088 00 

Additions by dividends, - 97,008 00 

Total, . 26,813 $45,530,524 00 

Policies terminated during the Year. 

Whole life, . . . 3,124 $5,359,628 00 
Endowment, . . . 812 1,157,931 00 

All other, . . . . 438 926,116 00 

4,374 $7,443,675 00 



212 



UNION MUTUAL LIFE INSURANCE COMPANY. 





How terminated. 






Number. 


Amount. Total No. 


Total Amount. 


By death, . 


233 


$421,374 00 




maturity, 


148 


139,576 00 




expiry, . 


' 382 


749,050 00 




surrender, . 


248 


554,878 00 




lapse, . 


1,994 


3,060,749 00 




change and decrease, . 


612 


1,252,340 00 




Not taken, . 


757 


1,265,708 00 








4,374 


$7,443,675 00 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



Policies in Force Dec. 31, 1896* 

. 13,641 $22,290,016 00 

. 5,933 10,067,290 00 

. 2,865 5,494,286 00 

235,257 00 



22,439 38,086,849 00 



Schedule A. 

Securities held as Collateral. 

Market Value 

24 shares Central Wharf, Portland, Me., 
355 " Portland Water Co., P'tland, Me., 

5 " First Nat'l Bank, Wiscasset, Me., 
70 " Flint & Pere Marquette R.R., 
Maine Central R.R. Co. bonds, 
Northern Pacific R.R. bonds, . 
Beloit Water Works Co. bonds, 

9 shares Central Wharf, Portland, Me 
Maine Central R.R. bonds, 
188 shares C'n & R'd Water Co., C'den, Me., 
3 " American Bell Telephone Co., 
18 " N. Y., New Haven & H'ford R.R., 
Grand Ave. R.R. Co., Kansas City, Mo., bonds 
100 shares C'n & R'd Water Co., C'den, Me., 
20 " Portland Nat'l Bank, Portland, Me., 

25 " Portland Water Co., Portland, Me., 
Lime Rock R.R. Co., Rockland, Me., bonds, 

5 shares Portland R.R. Co., Portland, Me., 



50 " Portland & Rochester R.R., . 
200 " Commercial Union Telegraph Co., 

20 " Portland, Me., Water Co., 
5 " Rockland, Me , Trust Co., 

80 " Portland, Me., Water Co., 
110 " N'l Shoe & L'ther B'k, Aub'n, Me., 
Mortgage of real estate, .... 

52 shares Portland, Me., Water Co., 

90 " Portland R.R. Co., . 



|24,000 00 

35,500 00 
450 00 
2,450 00 
2,060 00- 
1,150 00 I 
1,000 00. 
9,000 00 
1,030 00 

18,800 00 
624 00^ 
3,240 00 
1,900 00. 

10,000 00 
2,200 00 
2,500 00 

18,190 00 
575 00 
6,250 00 
3,350 00 
2,000 00 
550 00 
8,000 00 

11,000 00 

20,000 00 
5,200 00 

10,350 00 



Loaned Thereon. 

$12,000 00 

24,000 00 

495 00 

4,300 00 

4,000 00 

4,200 00 

1,000 00 

15,000 00 

5,000 00 

10,000 00 

2,000 00 

14,000 00 

200 00 

5,000 00 

4,000 00 

2,000 00 

5,000 00 
9,000 00 
14,357 06 
5,000 00 
9,500 00 



UNION MUTUAL LIFE INSURANCE COMPANY. 



213 



St. Joseph Water Co., St. Joseph, Mo., bonds, 

City of Portland, Me., bonds, . 

Rumford Falls Power Co. bonds, 

Fort Smith, Ark., Water Co. bonds, . 

Kalispell Water Co. bonds, 

Mt. Vernon Water Co., Mt. Vernon, N. Y.,bMs 

Springfield, O., R.R. Co. bonds, 

20 shares Portland Trust Co., 
Greenbush, N. Y., Water Co. bonds, 
220 shares IntVl L. & T. Co., Kan. City, Mo., 
Ft. Smith, Ark., Water Co. bonds, . 
Rome, Watertown & Ogdensburg R.R. bonds 
Kennebec Light & Heat Co. bonds, . 
Maine Central R.R. bonds, 
Crystal Water Co., Edgewater, N. Y., bonds, 
Chicago Gas Light & Coke Co. bonds, 
Lowell, Lawrence & Haverhill St. R'y bonds, 
Evansville, Ind., bonds, . 

12 shares Portland Railroad Co., 
Evansville, Ind., bonds, 
Ft. Smith, Ark., Water Co. bonds, 
United States bonds, . 

80 shares Athol Water Co., 
Maine & New Hampshire Granite Co. bonds, 
100 shares State Publishing Association, . 

30 " Aroostook Trust & Banking Co., 

135 " Sanford Mills 

100 " Maine Trust & Banking Co., . 

20 " First National Bank, Houlton, Me 
Ft. Smith, Ark., Water Co. bonds, . 
300 shares Lime Rock R.R., ... 

30 " Aroostook Trust & Banking Co., 
Bangor and Aroostook R.R. bonds, . 
Portland, Me., Water Co. bonds, 
Jeffersonville, Ind., bonds, 
Maine Central R.R. bonds, 
Portland & Ogdensburg R.R. bonds, 
Raton Water Works bonds, 
Leadville, Col., warrants, .... 
Edison Electric 111. Co. bonds, . 
Ellicott Square Co. bonds, 

United States bonds, 

Mousam Water Co. bonds, 

300 shares P. H. & J. M. Brown Co., 

20 " Aroostook Trust & Banking Co., 

10 " Presque Isle National Bank, . 

10 " Fort Fairfield National Bank, . 

10 " Presque Isle National Bank, . 



Market Value. 


Loaned Thereon. 


$3,000 00 


12,000 00 


3,510 00 


3,000 00 


26,250 00 


20,833 34 


12.500 00 I 
3,000 00 \ 


14,000 00 


1,000 00 


681 17 


4,000 00 


3,500 00 


2,300 00 


2,000 00 


1,000 00 


800 00 


8,800 00 


7,000 00 


5,000 00 


4,000 00 


3,510 00 I 
525 00 ] 


2,000 00 


26,000 00 


20,000 00 


1,500 00 


1,000 00 


32,900 00 > 


) 


9,360 00 


> 41,485 00 


1,000 00 > 


) 


1,380 00 


1,100 00 


1,000 00 


350 00 


500 00 > 




7,800 00 J 


> 10,000 00 


6,000 00 > 


> 


15,000 00 


13,500 00 


10,000 00 


8,300 00 


4,200 00 


3,000 00 


13,500 00 


10,000 00 


13,000 00 


10,000 00 


3,500 00 


1,000 00 


1,000 00 


800 00 


30,000 00 


20,000 00 


4,200 00 


3,000 00 


10,000 00 


9,000 00 


4,080 00 


3,015 42 


1,000 00 » 


) 


1,300 00 


> 2,500 00 


525 00 > 


1 


1,000 001 




1,000 00 




6,300 00 
537 50 


- 10,000 00 


2,400 00 




500 00 j 




30,000 00 


15,000 00 


2,800 00 


2,000 00 


1,350 00 


1,000 00 


1,300 00 
1,350 00 


2,000 00 



214 



UNION MUTUAL LIFE INSURANCE COMPANY. 



Sundry mortgages on real estate, . 
Portland Water Co bonds, . 

400 shares Rockland, Me., B'ld'g Syndicate, . 
25 " Lime Rock R.R., . 
1,747 " Merch. Ex. B'g Co., Kan. C'y, Mo., 
Rockland, Thomaston & Camden St. R'y b'ds, 
Rumford Falls Light & Water Co. bonds, 
Order on city treasurer, Leadville, Col., . 
Leadville, Col., warrants, . 
Edison Electric 111. Co. bonds, . 
Ellicott Square Co. bonds, 
Mousam Water Co. bonds, 
Portland & Rumford Falls R R. Co. bonds, 
United States bonds, 

112 shares Cobb Lime Co., 

100 " Lime Rock R.R. Co., 
Astoria, Oregon, bonds, 
Mousam Water Co. bonds, 
Rockland, Thomaston & Camden St. R'y b'ds 
80 shares First National Bank, Bath, Me., 
50 " Bath National Bank, Bath, Me., 

120 " Otis Falls Pulp Co., 

169 " Hereford R.R. Co, 
Sandy River R.R. Co. bonds, 
Citizens' St. R'y Co., Indianapolis, bonds, 
Bangor & Aroostook R.R. Co. bonds, 

20 shares A. F. Crockett Co., 
Cert's of dep., Chapman Nat'l B'k, Port., Me. 
Central of Georgia R.R. Co. bonds, . 

10 shares Fort Fairfield Nat'l Bank, 
Maine Central R.R. bonds, 

522 shares Portland & Rumford Falls R.R., 

475 " Portland & Rumford Falls R.R., 
Hereford R R. Co. bonds, 

150 shares Lime Rock R.R. Co., . 
44 " Camden & Rockland Water Co , 
16 " Aroostook Trust & Banking Co. 
Maine Central R.R. bonds, 
City Water Co., Sheboygan, Wis., bonds, 
United States bonds, .... 

50 shares Amer. Sugar Refinery Co., N. J. 
50 " Boston & Maine R.R. Co., . 
United States bonds, .... 

Utica Belt Line St. R'y bonds, . 
Hereford R.R. Co. bonds, .... 
Sundry notes & trust deed of land in Chic, 



Market Value. 

|7,464 48 

2,040 00 

40,000 00 

2,500 00 

87,350 00 

12,500 00 

1,575 00 

500 00 

2,000 00 

4,200 00 

1,672 50 

2,500 00 

3,000 00 

1,800 00 

6,160 00 

10,000 00 

9,315 00 

1,000 00 

1,000 00 

12,000 00 

7,500 00 

12,000 00 

15,210 00 

11,000 00 

11,250 00 

35,000 00 

20,000 00 

1,218 42 

925 00 

1,300 00 

13,000 00 

52,200 00 

47,500 00 

4,750 00 

15,000 00 

4,400 00 

2,240 00 

1,300 00 

1,000 00 

2,400 00 

5,000 00 

8,100 00 

2,400 00 

4,875 00 

11,400 00 

6,500 00 



Loaned Thereon. 

$4,800 00 
1,500 00 

25,000 00 
2,000 00 

56,368 31 



> 25,000 00 



3,700 00 
5,000 00 

10,000 00 



50,000 00 



10,000 

35,000 

15,000 

1,000 

800 

700 

10,000 

25,000 

26,760 

15,000 

1,500 

1,900 

474 

10,500 

2,000 

4,000 

10,000 

1,000 



00 
00 
00 
00 
00 
00 
00 
00 

00 

00 

00 
00 

68 
00 

00 
00 
00 
00 



.,031,091 90 $751,919 98 



UNION MUTUAL LIFE INSURANCE COMPANY. 



215 



Schedule B. 
Slocks and Bonds owned by the Company. 

Book Value. Market Value. 

United States bonds, $234,541 94 $242,400 00 

State of Maine bonds, 48,718 75 49,070 00 

Commonwealth of Massachusetts bonds, . 80,062 50 80,156 25 

Province of New Brunswick bonds, . . . 100,589 37 100,000 00 

Montreal Harbour bonds, 30,432 50 30,000 00 

Province of Ontario annuities, . . . . 381,883 60 387,77187 

County of Cumberland, Me., bonds, . . 5,050 00 5,050 00 

Bell County, Tex., bonds, . 5,200 00 5,150 00 

Cass County, Mo., bonds, 11,400 00 11,760 00 

Franklin County, Ky., bonds, .... 17,198 40 17,280 00 

Itasca County, Minn., bonds, .... 22,400 00 22,400 00 

Jefferson County, Ala., bonds, .... 70,350 00 72,300 00 

McCracken County, Ky., bonds, . . . 32,400 00 32,400 00 

Mecklenburg County, N. C, bonds, . . 31,612 50 35,700 00 

Spokane County, Wash., bonds, . . . 10,650 00 10,800 00 

Wells County, Ind., bonds, .... 13,780 00 13,780 00 

Belfast, Me., bonds, 5,137 50 5,000 00 

Caribou, Me , school notes 7,000 00 7,000 00 

Caswell Plantation, Me., note, .... 1,000 00 1,000 00 

Damariscotta, Me., bonds, .... 2,000 00 2,000 00 

Presque Isle, Me , note, 5,000 00 5,000 00 

Americus, Ga., bonds, 10,900 00 12,100 00 

Alliance, O , bonds, 18,040 00 17,600 00 

Astoria, Ore., bonds, ...... 36,225 00 35,700 00 

Boone, Iowa, bonds, 10,300 00 10,300 00 

Chicago, 111., bonds, 104,981 25 105,490 00 

Cheboygan, Mich., bonds, .... 18,846 00 19,080 00 

Delaware, O., bonds, 5,631 25 5,300 00 

Gorham, N. H., note, 2,000 00 2,000 00 

Helena, Mont., bonds, 26,937 50 26,250 00 

Ironton, O., bonds, 15,927 00 16,050 00 

Joliet, 111 , bonds, 25,694 00 25,500 00 

Mattoon, 111., bonds, 40,725 00 42,400 00 

Morris, 111., bonds, 20,596 00 20,600 00 

Newport, Ky., bonds, ..... 25,740 00 26,400 00 

Perth Amboy, N. J., bonds, .... 15,225 00 15,300 00 

Piqua, O., bonds, 19,807 50 17,510 00 

Piano, Tex., bonds, 5,000 00 5,400 00 

Provo City, -Utah, bonds, 25,000 00 28,000 00 

Pueblo, Col., bonds, 42,812 50 41,900 00 

Richmond, Va., bonds, 10,735 00 10,780 00 

Seattle, Wash., bonds, ..... 25,068 75 25,750 00 

Salt Lake City, Utah, bonds, .... 26,187 50 26,200 00 

Sandusky, O., bonds, 10,360 00 10,155 00 



216 



UNION MUTUAL LIFE INSUKANCE COMPANY. 



West Duluth, Minn., bonds, . 
Boston & Maine R.R. Co. bonds, 
Knox & Lincoln Railway Co. bonds, 
Lime Rock R.R. Co., Rockland, Me., bonds, 
Maine Central R.R. bonds, . 
Portland & Ogdensburg Railway Co. bonds, . 
Portland & Rumford Falls R'y Co. bonds, 
Penobscot Shore Line R.R. Co. bonds, 
Rockland, Thomaston & Cam. St. R'y Co. b'ds, 
Central of Georgia Railway Co. bonds, . 
Fort St. Union Depot Co., Detroit, Mich., b'ds, 
Kanawha & Michigan Railway Co. bonds, 
Kansas & Missouri R.R. bonds, 
Norwood & Montreal R.R bonds, . 
People's St. R'y Co of Luzerne Co., Pa., b'ds, 
Rome, Watertown & Ogdensburg R.R. bonds, 
Staten Island Rapid Transit R.R. bonds, . 
Sturgis, Goshen & St. Louis R'y Co. bonds, . 
Union Electric R'y Co , Saratoga, N.Y., bonds, 
Union Street R'y Co , Dover, N. H , bonds, 
Utica Belt Line Street R'y Co. bonds, 
Wisconsin Valley R.R. bonds, . 
Augusta, Me., Water Co. bonds, 
Freeport, Me., Water Co. bonds, 
Kennebec Light & Heat Co. bonds, 
Knox, Me., Gas and Electric Co. bonds, 
Maine Water Co. bonds, . 
Mousam Water Co. bonds, 
Otis Falls Pulp Co. bonds, 
Rockland, Me., Water Co. bonds, 
Rumford Falls Power Co. bonds, 
Rumford Falls Light & Water Co. bonds, 
Standish Water & Construction Co. bonds, 
York Shore Water Co bonds, . 
Athol, Mass., Water Co. bonds, 
Crystal Water Co., Edgewater, N. Y., bonds, 
Detroit Gas Co. bonds, .... 
Ellicott Square Co., Buffalo, N. Y , bonds, 
Edison Elec. 111. Co., Baltimore, Md , bonds, 
Fort Smith, Ark., Water Co. bonds, . 
Goldsboro, N. C, Water Co. bonds, . 
Leadville, Col., Water Co. bonds, . 
Le Mars, Iowa, Water and Light Co. bonds, 
Manitowoc, Wis., Water Works Co. bonds, 
Oshkosh, Wis., Water Works Co. bonds, . 
Port Jervis, N. Y., Gas Co. bonds, . 
Raton, N. M., Water Works Co. bonds, . 
Richmond Water & Light Co., Rich., Ky., b'ds, 



Book Value. 

$27,875 00 
25,635 13 
16,125 00 
25,000 00 
100,920 96 
52,000 00 
34,000 00 
17,000 00 
19,600 00 
39,445 00 
24,881 25 
20,500 00 

9,500 00 
27,490 40 
23,816 25 
25,811 45 
11,202 20 
17,785 75 
21,100 00 
23,750 00 
26,325 00 

5,122 10 

9,950 00 
20,000 00 
18,810 00 
19,800 00 
20,000 00 
10,000 00 
25,000 00 
43,000 00 
25,000 00 
10,300 00 
21,400 00 
10,000 00 
19,800 00 
19,600 00 

8,500 00 
52,500 00 
50,000 00 
19,600 00 
24,500 00 
20,000 00 
24,500 00 
25,062 50 
24,500 00 

4,700 00 
14,700 00 
17,640 00 



Market Value. 

$29,500 00 
28,750 00 
16,500 00 
26,750 00 

107,000 00 
54,000 00 
34,000 00 
17,510 00 
20,000 00 
38,850 00 
26,250 00 
19,750 00 
9,500 00 
28,000 00 
28,500 00 
29,250 00 
10,500 00 
18,750 00 
20,000 00 
25,000 00 
26,325 00 
4,800 00 
10,200 00 
20,000 00 
19,950 00 
21,000 00 
20,000 00 
10,250 00 
25,625 00 
46,010 00 
26,250 00 
10,300 00 
22,000 00 
10,000 00 
20,000 00 
20,000 00 
6,150 00 
55,750 00 
52,500 00 
20,000 00 
25,000 00 
20,000 00 
25,625 00 
25,625 00 
25,000 00 
5,000 00 
15,000 00 
18,000 00 



UNION MUTUAL LIFE INSURANCE COMPANY. 



217 



St. Joseph, Mo., Water Co. bonds, . 
Wakefield, Mass., Water Co. bonds, 
142 shares Port., Saco & Portsmouth R.R., 



200 
122 
119 

36 

63 

210 

2,400 

20 

20 

10 
100 

12 

50 

60 

50 
100 
100 

10 

40 

°5" 

50 
50 
35 
50 
24 
50 
20 
25 
64 
30 

15 T 3 o 
15 

20 



Canal Nat'l Bank, Portland, Me , 
Cumberland Nat'l B'k, Port., Me., 
First Nat'l Bank, Portland, Me., . 
Merchants' Nat'l B'k, Port., Me., . 
Nat'l Traders' B'k, Portland, Me., 
Portland Nat'l B'k, Portland, Me , 
Union S. D. & T'st Co., Port , Me., 
Biddeford Nat'l B'k, Biddef 'd, Me., 
First Nat'l Bank, Auburn, Me., . 
First Nat'l Bank, Wiseasset, Me., 
First Nat'l Bank, Lewiston, Me., 
First Nat'l Bank, Bangor, Me , . 
First Nat'l Bank, Biddeford, Me., 
Lime Rock Nat'l B'k, Rock'd, Me., 
Manuf. Nat'l B'k, Lewiston, Me., 
North Nat'l Bank, Rockland, Me., 
North'n Nat'l B'k, Hallowell, Me., 
Norway Nat'l B'k, Norway, Me , 
People's Nat'l B'k, Waterv'le, Me., 
Rich'd Nat'l B'k, Richmond, Me., 
Rockl'd Nat'l B'k, Rockland, Me., 
Rumf'd F's T't Co., R'f'd F's, Me., 
Ticonic Nat'l B'k, Waterville, Me., 
Westbr'k T'st Co., Westbr'k, Me , 
City Nat'l Bank, Dallas, Tex., . 
Comm'l Nat'l B'k, Omaha, Neb , 
Far. & Mer Nat'l B'k, Waco, Tex., 
Flour C'y Nat'l B'k, Minn., Minn., 
Knickerbocker T't Co., N. Y. City, 
Nat'l B'k of Com., Omaha, Neb., 
People's Invest. Co., Dallas, Tex., 
First Nat'l B'k, Buch'an Co., Mo., 
Sioux F. Nat'l B'k, Sioux F , S. D., 



Book Value. 

$16,660 00 

19,200 00 

16,513 84 

24,000 00 

4,636 00 

12,495 00 

4,176 00 

6,300 00 

21,000 00 

240,000 00 

2,400 00 

2,500 00 

900 00 

15,000 00 

1,560 00 

7,000 00 

4,200 00 

5,000 00 

13,341 00 

12,500 00 

1,080 00 

4,400 00 

560 00 

7,250 00 

5,000 00 

3,850 00 

5,000 00 

2,400 00 

3,500 00 

2,000 00 

2,500 00 

9,465 00 

2,000 00 

382 50 

1,500 00 

2,000 00 



Market Value. 

|17,000 00 

20,000 00 

20,590 00 

24,000 00 

4,636 00 

12,495 00 

4,176 00 

6,300 00 

23,100 00 

252,000 00 

2,400 00 

2,500 00 

900 00 

15,000 00 

1,860 00 

7,000 00 

4,200 00 

5,000 00 

14,500 00 

12,500 00 

1,200 00 

4,400 00 

560 00 

7,250 00 

5,250 00 

3,850 00 

5,500 00 

2,880 00 

3,500 00 

1,600 00 

3,125 00 

11,520 00 

2,100 00 

382 50 

1,500 00 

2,000 00 



|3,295,163 64 $3,383,277 62 



218 UNITED STATES LIFE INS. CO. IN THE CITY OF NEW YORK. 



"UNITED STATES LIFE INSURANCE COMPANY IN THE CITY 
OF NEW YORK," NEW YORK, N. Y. 

[Incorporated February, 1850. Commenced business March, 1850.] 

Paid-up Capital, $440,000. 

George H. Burford, President. C. P. Fraleigh, Secretary. 

Income. 

Received for premiums on new policies, $178,510 24 

Received for renewal premiums, 852,671 38 

Surrender values applied to pay running premiums, . . 286 65 
Surrender values applied to purchase paid-up insurance and 

annuities, 74,813 30 

Received for annuities, 2,492 48 



Total, 

Deduct amount paid for reinsurance, 

Total premium income, 
Received for interest, .... 
Received for rents of company's property, 



Total income, .... 
Net or ledger assets Dec. 31, 1895, . 



Total, 



,108,774 05 
6,849 77 



$1,101,924 28 

328,947 05 

14,086 38 



51,444,957 71 

7,043,027 64 



Disbursements 
Paid for losses and additions, . 
Paid for matured endowments and additions," 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 



Net amount paid for losses and endowments, 
Paid to annuitants, ..... 
Premium notes voided by lapse, 
Loans on policies voided by lapse, . 
Cash dividends paid policy holders, 
Surrender values paid in cash, . 

applied to pay running premiums, 
applied to purchase paid-up insurance and 
annuities, . 



Total paid policy holders, 

Cash paid for dividends to stockholders, .... 

for commissions and bonuses to agents (new poli 

cies, $85,397.73 ; renewals, 851,086.02), 
for salaries and allowances to managers and agents 
for medical examiner's fees, .... 
for salaries of officers and home office employees, 



,487,985 35 



$724,681 35 
90,652 41 



$815,333 76 
15,000 00 



,333 76 
3,160 38 
574 73 

10,762 98 

7,282 31 

48,328 17 

286 65 

74,813 30 



$945,542 28 
30,800 00 

136,483 75 
68,910 99 
16,208 94 
57,947 80 



UNITED STATES LIFE INS. CO. IN THE CITY OF NEW YORK. 219 



Cash paid for taxes on new premiums, $1,524.87 ; on renewals, 
$8,804.59, 

for taxes on investments, $2,648.70 ; on reserves, 
$1,276.70, 

for taxes on real estate, . 

for fees, licenses, etc., 

for rent, .... 

for advertising and printing, 

for legal expenses, . 

for real estate expenses (except taxes), 

for incidentals, . 
Profit and loss account, 

Total disbursements, . 

Balance, 



$10,329 46 



3,925 


40 


6,512 


60 


3,197 


30 


23,990 


13 


26,567 


05 


17,947 


72 


9,390 


47 


29,122 


05 


4,999 


06 


. $1,391,875 00 


. $7,096,110 35 



Invested in the following: : — 

Assets as per Ledger Accounts 

Cost of real estate, . 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Cost value of bonds owned (schedule B), 

Cash in company's office, ...... 

Cash deposited in bank, ...... 

Bills receivable, ....... 

Agents' debit balances, ...... 

Total net or ledger assets, as per balance, 



$380,673 93 

4,379,050 00 

73,645 58 

368,035 29 

13,095 71 

1,657,857 44 

1,044 11 

195,808 17 

9,669 85 

17,230 27 

^7,096,110 35 



Other Assets. 

Interest due and accrued, .... 
Market value of real estate over cost, 
Market value of bonds over cost, 
Reinsurance due from other companies, . 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, 

Total, ..... 
Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business 

$33,976 32 
5,213 93 



,190 25 
7,838 05 



Renewals. 

,950 74 

90,202 40 

$185,153 14 
37,030 63 



$31,352 20 $148,122 51 



85,452 87 

76,026 07 

12,274 64 

5,000 00 



179,474 71 



Total assets, per company's books, 



' ,454,338 64 



220 UNITED STATES LIFE INS. CO. IN THE CITY OF NEW YORK. 



Items not admitted. 



Agents' debit balances, 
Bills receivable, 
Total,. 



$17,230 27 
9,669 85 



Total admitted assets, 
Deduct special deposits in other States, . 



$26,900 12 

r ,427,438 52 
155,900 00 



Balance, $7,271,538 52 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (actuaries' 4 per cent), 
Deduct net value of reinsured risks, 



Net reserve, 

Matured endowments due and unpaid, 
Death losses in process of adjustment, 
Claims resisted by the company, 

Total policy claims, .... 
Premiums paid in advance, 
Due for taxes, fees, salaries, expenses, etc., 
Contingent surrender value, 

Liabilities as to policy holders, 
Deduct liabilities on special deposits, 



Surplus as regards policy holders, . 
Paid-up capital, .... 

Surplus over capital, 



$2,127 00 
79,898 33 
22,500 00 



$593,202 22 



Gross liabilities, 



1,755,492 00 
48,522 00 

1,706,970 00 



104,525 33 

3,921 38 

15,889 59 

2,930 00 

1,834,236 30 
155,900 00 

1,678,336 30 

440,000 00 
153,202 22 

r ,271,538 52 



Premium Note Account. 

Premium notes on hand Dec. 31, 1895, 
Premium notes rec'd during 1896 (old policies), 

Total, . ". 

Used in purchase of surrendered policies, 

Voided by lapse, 

Redeemed by maker in cash, . 

Total, . . .- . . 

Balance note assets Dec. 31, 1896, 



$11,991 85 




21,592 05 






$33,583 90 


$1,838 76 


574 73 




18,074 70 






20,488 19 




■ ■ • • 


$13,095 71 






UNITED STATES LIFE INS. CO. IN THE CITY OF NEW YORK. 221 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 



Number. 


Amount. Total No. 


Total Amount. 


Whole life, . . . 10,575 


$20,950,883 00 




Endowment, . . . 1,666 


3,089,472 00 




All other, .... 5,269 


14,609,548 00 




Reversionary additions, . - 


222,676 00 






17 510 


$38,872,579 00 






Policies issued during the Tear. 




Whole life, . . . 1,462 


12,927,800 00 




Endowment, . . . 258 


533,245 00 




All other, .... 843 


2,436,500 00 






2,563 


5,897,545 00 



Whole life, 
Endowment, 
All other, . 



Old Policies revived. 

17 $34,500 00 

3 5,500 00 

139 440,000 00 



159 



480,000 00 



Old Policies increased. 



Whole life, 


. 


21 


$57,090 00 






Endowment, 


, 


9 


22,500 00 






All other, . 


. . 


25 


49,800 00 


55 


129,390 00 


Total, 


20,287 


$45,379,514 00 




Policies terminated during the Tear. 




Whole life, 


. , 


1,224 


$2,960,635 00 






Endowment, 


. 


243 


563,522 00 






All other, . 


• 


1,305 


4,061,582 00 








2,772 


17,585,739 00 








How terminated. 






By death, . 




295 


$731,437 00 






maturity, 




37 


86,688 00 






expiry, 




116 


398,500 00 






surrender, . 




209 


582,061 00 






lapse, . 




. 1,677 


4,565,353 00 






change and dec 


rease, 


43 


213,200 00 






Not taken, 


• 


395 


1,008,500 00 


%in 


7,585,739 00 



222 UNITED STATES LIFE INS. CO. IN THE CITY OF NEW YORK. 



Whole life, 
Endowment, 
All other, . 
Reversionary additions, 



Policies in Force Dec. 31, 1896. 

Number. Amount. Total No. Total Amount. 

. 10,851 $21,009,638 00 

. 1,693 3,087,195 00 

. 4,971 13,491,798 00 

205,144 00 



17,515 $37,793,775 00 



Schedule A. 

Securities held as Collateral. 



Northern Gas Light Co., New York, stock, 
50 shares Central Gas Light Co., New York, 

Northern Gas Light Co. bonds, 

100 shares Missouri Pacific R'y Co., 
75 " Western Union Telegraph Co., 

Missouri Pacific R'y bonds, .... 

163 shares American Telegraph & Cable Co., 
66 " N. Y., Lackawanna & Western R'y, 
40 " American Telegraph & Cable Co., . 
16 " United N. J. R R. & Canal Co., 
20 " Importers' & Traders' Nat'l Bank, . 
50 " Northern Gas Light Co., N. Y., . 
81 " Central Gas Light Co., N. Y., 

Manhattan R'y Co. bonds, .... 

Morris & Essex R.R. bonds, . . 

Wabash R.R. bonds, ...... 

Schedule B. 



Market Value. 

$19,575 00 
3,750 00 

10,000 00 
1,925 00 
6,225 00 
1,010 00 

14,670 00 
7,788 00 J 
3,600 00 
3,832 00 

10,700 00 
3,375 00 
6,075 00 
6,650 CO 
6,850 00 
3,180 00 



Loaned Thereon. 



J> |47,700 00 



Bonds owned by the Company. 



United States consols, .... 
District of Columbia bonds, 

Jersey City bonds, 

Jersey City water scrip, .... 

New York, Lackawanna & Western R'y bonds 

Oswego & S3?racuse R.R. bonds, 

Chicago & Northwestern R'y bonds, 

Chicago, Milwaukee & St. Paul R'y bonds, 

Missouri Pacific Railway bonds, 

Iowa Central Railway bonds, . 

St. Louis, Iron Mountain & South'n R'y bonds 

St. Louis & Iron Mountain R.R. bonds, . 

Chic, Burlington & Quincy R'y debentures, 

New York Central Railway bonds, . 

Louisville & Nashville R.R. bonds, . 

Kansas Pacific Railway bonds, 

Burl., Cedar Rapids & Northern R'y bonds, 



Cost Value. 

$60,602 55 

131,384 40 
46,650 60 

109,342 50 
47,801 98 
30,600 00 
99,099 32 

151,885 06 

212,496 75 
71,550 00 
35,732 88 
53,456 64 
46,195 21 

123,124 08 
38,430 00 

101,685 20 
42,000 00 



145 58 
2,700 00 
6,000 00 
2,500 00 
2,000 00 
5,100 00 
5,000 00 
2,500 00 



$109,205 00 $73,645 58 



Market Value. 

$55,250 00 

130,800 00 

50,955 00 

109,127 50 

54,200 16 

34,250 10 

107,750 00 

171,000 00 

185,834 00 

86,024 70 

36,375 00 

50,167 00 

48,583 50 

122,229 12 

48,930 00 

67,500 00 

50,875 00 



THE WASHINGTON LIFE INSURANCE CO., NEW YORK. 223 



Chicago, Rock Island & Pacific R'y bonds, 

Metropolitan Elevated R'y bonds, . 

East Tennessee, Virginia & Georgia R'y bonds, 

Atchison, Topeka & Santa Fe R'y bonds, 

Province of New Brunswick bonds, 

Texas & Pacific R'y bonds, .... 

Michigan Central R.R. bonds, .... 

City of Quebec bonds, 



Cost Value. 

$104,750 00 
14,933 31 
24,518 41 
20,471 79 
20,025 00 
17,559 26 
28,562 50 
25,000 00 



Market Value, 

$101,500 00 
16,310 00 
26,541 75 
20,025 00 
20,800 00 
21,145 75 
28,458 50 
25,500 00 



.,657,857 44 $1,670,132 08 



"THE WASHINGTON LIFE INSURANCE COMPANY, 1 ' NEW 

YORK, N. Y. 

[Incorporated January, 1860. Commenced business Feb. 2, I860.] 
Paid-up Capital, $125,000. 

W. A. Brewer, Jr., President. Graham H. Brewer, Secretary. 

Income. 

Received for premiums on new policies, f 195,065 44 

Received for renewal premiums, 1,450,719 88 

Dividends applied to pay running premiums, .... 83,803 44 

Dividends applied to purchase paid-up additions and annuities, 112,574 00 
Surrender values applied to purchase paid-up insurance and 

annuities, 154,124 97 

Received for annuities, . 55,861 96 



Total premium income, .... 
Received for interest, ..'..'. 
as discount on claims paid in advance, 
for rents of company's property, 

Total income, 

Net or ledger assets Dec. 31, 1895, . 



Total, 



Disbursements. 
Paid for losses and additions, . 
Paid for matured endowments and additions, , 



Gross amount paid for losses and endowments, 
Paid to annuitants, ....... 

Return premiums, 

Cash dividends applied to pay running premiums, 
Cash dividends applied to purchase paid-up addition 

annuities, ........ 

Surrender values paid in cash, .... 

Surrender values applied to purchase paid-up insurance and 

annuities, . 



Total paid policy holders, . 



$2,052,149 69 

614,621 44 

11,727 97 

21,188 76 

$2,699,687 86 
13,252,434 35 

$15,952,122 21 



$887,937 24 
500,094 68 



and 



$1,388,031 92 

14,960 63 

3,458 38 

83,803 44: 

112,574 00 

114,877 13 

154,124 97 

$1,871,830 47 



224 THE WASHINGTON LIFE INSURANCE CO., NEW YORK. 



Cash paid for dividends to stockholders, $8,750 00 

for commissions and bonuses to agents (new poli- 
cies, $100,889.03 ; renewals, $90,601.85), . . 191,550 88 
for salaries and allowances to managers and agents, 121,562 19 

for medical examiner's fees, 32,007 25 

for salaries of officers and home office employees, 97,339 08 

for taxes on premiums, 14,202 65 

for taxes on reserves, 2,865 72 

for fees, licenses, etc., 7,694 69 

for rent, . 10,500 00 

for advertising, printing, postage, etc., . . . 30,715 66 

for loss on sales of property, 1,237 82 

for incidentals, 22,120 08 

Profit and loss account, . . 16,862 52 

Total disbursements, $2,429,239 01 



Balance, 



$13,522,883 20 



Invested in the following; : — 



Assets as per Ledger Accounts 

Cost of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral 

Cost value of bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, . . . . 

Agents' debit balances, 

Total net or ledger assets, as per balance, 



. $1,705,559 30 

. 9,623,225 00 

655,000 00 

638,454 95 

688,040 21 

29,130 56 

168,395 26 

15,077 92 

$13,522,883 20 



Other Assets. 

Interest due and accrued,. . 
Market value of bonds over cost, 



145,373 70 
12,338 87 



Uncollected premiums on poli- 
cies in force, .... 

Deferred premiums on policies 
in force, ..... 

Total, ... 
Deduct loading (20 per cent.), . 

Net amount of uncollected and 
deferred premiums, 



New Business. 

$31,168 93 

23,067 58 

$54,236 51 
10,847 30 



Renewals 

$80,647 23 

171,292 09 

$251,939 32 
50,387 86 



$43,389 21 $201,551 46 



244,940 67 



Total assets, per company's books, . 



$13,925,536 44 



THE WASHINGTON LIFE INSURANCE CO., NEW YORK. 225 



Items not admitted. 
Agents 1 debit balances, $15,077 92 



Total admitted assets, 
Deduct special deposits in other States, . 



Balance, 



$13,910,458 52 
13,129 08 

$13,897,329 44 



Liabilities, 

« 

Computed premium reserve or net present value of all out- 
standing policies (actuaries 1 4 per cent.), . . . $13,285,040 00 



Death losses due and unpaid, . 
Matured endowments due and unpaid, 
Death losses in process of adjustment, 

Total policy claims, . 
Premiums paid in advance, 
Due for rents, 



Liabilities as to policy holders, . 
Deduct liabilities on special deposits, 

Surplus as regards policy holders, . 
Paid-up capital, .... 

Surplus over capital, 

Gross liabilities, 



$8,310 00 
23,237 29 
42,919 40 



74,466 69 

12,112 04 

1,750 00 

$13,373,368 73 
13,129 08 



$537,089 79 



$13,360,239 65 

125,000 00 
412,089 79 

:3,897,329 44 



Exhibit of Policies. 
Policies and Additions in Force Dec. 31, 1895. 

Number. Amount. Total No. Total Amount. 

Whole life, . . . 15,536 $30,087,16100 
Endowment, . . . 9,229 17,600,968 00 
Reversionary additions, . - 907,620 00 

24,765 $48,595,749 00 



Whole life, 
Endowment, 



Policies issued during the Year. 

. 3,390 $5,966,773 00 
730 1,294,763 00 



4,120 7,261,536 00 



Whole life, 
Endowment, 
All other, . 

Additions by dividends, 
Total, . 



Old Policies revived. 

417 $879,253 00 

159 365,513 00 

7,022 00 



576 



1,251,788 00 
151,148 00 



29,461 $57,260,221 00 



226 THE WASHINGTON LIFE INSURANCE CO., NEW YORK. 



Policies terminated during the Year. 





Number. 


Amount. Total No. 


Total Amount. 


Whole life, 


. 2,886 


$5,680,138 00 






Endowment, 


. 1,187 


2,562,755 00 






All other, . 


. 


203,731 00 








4,073 


$8,446,624 00 






How terminated. 






By death, . 


344 


$890,335 00 






maturity, 


216 


433,003 00 






expiry, 


45 


122,672 00 






surrender, . 


916 


2,030,826 00 






lapse, . 


. 2,003 


3,800,962 00 






Not taken, . 


549 


1,168,826 00 


4,073 


$8,446,624 00 



Policies in Force Dec. 31, 1896. 

Whole life, . . . 16,457 $31,253,049 00 
Endowment, . . . 8,931 16,698,489 00 
Reversionary additions, . - 862,059 00 



25,388 48,813,597 00 



Schedule A. 
Securities held as Collateral. 



Peo. Gas & Coke Co. of Chicago bonds, . 
Brooklyn Rapid Transit bonds, 
Chic., R. I. & Pacific R.R. bonds, 
Chic. & Ind. Coal bonds, .... 
Ches. & O. R.R. bonds, .... 
Bur., Cedar Rap. & Northern R.R. bonds, 
Chic. & N. W. R.R. bonds, 

200 shares Standard Oil, 

700 " Chic. & Eastern 111. R.R., . 

100 " Chic, R. I. & Pac R.R., 
1,000 " Chic. Gas Co., Cent. Trust Co., 

200 " American Sugar, . 

100 " Missouri Pacific R.R., . 
50 " Western Union, . . . 
Chicago & N. W. R.R. bonds, . 

160 shares Standard Oil, 

600 " Chic. & Eastern Illinois R.R., 

500 " Chic. Gas Co., Central Trust Co., 

300 " Chic, Milwaukee & St. Paul R.R., 

100 " N. Y., N. H. & Hartford R.R., . 



} $250,000 00 



Market Value. Loaned Thereon. 

$50,000 00^1 
15,200 00 
24,840 00 

9,600 00 
10,700 00 
11,220 00 
11,575 00 
49,800 00 
33,500 00 

6,525 00 
72,750 00 
22,000 00 

2,000 00 

4,150 00 J 
17,362 50^ 
39,840 00 
24,000 00 
36,375 00 
21,900 00 
17,700 00 J 



y 100,000 00 



THE WASHINGTON LIFE INSUEANCE CO., NEW YORK. 227 



Chicago Con. Gas bonds, .... 

Peo. Gas & Coke Co. of Chicago bonds, . 

100 shares Standard Oil, 

400 " Chic. Gas Co., Central Trust Co., 

Chic, St. P., Minn. & Omaha R.R. bonds, 

Lake Shore R.R. bonds, . 

Met. Elevated R.R. bonds, 

Chic, Bur. & Quincy R.R. bonds, 

100 shares Third Avenue R.R., 

City of Milwaukee bonds, 



} $100,000 00 



Market Value. Loaned Thereon. 

$29,225 00 ) 

50,000 00 ' 

24,900 00 

29,100 00 j 

10,160 001 

45,600 00 I 

29,750 00 [ 100,000 00 

26,015 00 | 

16,100 00 J 

112,500 00 105,000 00 



|854,387 50 $655,000 00 



Schedule B. 
Bonds owned by the Company. 

Cost Value. 



United States bonds, . 
New York City bonds, 
Brooklyn water loan bonds, 
Richmond, Va., city bonds, 
Havana municipal bonds, . 



|343,500 00 

225,312 50 

106,098 63 

11,230 00 

1,899 08 



Market Value. 

$334,500 00 

230,000 00 

122,750 00 

11,230 00 

1,899 08 



$688,040 21 $700,379 08 



CASUALTY AND SURETY 
COMPANIES. 



Detailed Statements of Assets and Liabilities, with Abstract 

of Annual Statements, for the Year ending 

December 31, 1896. 



DETAILED STATEMENTS OF ASSETS AND LIABILITIES. 



".ETNA LIFE INSURANCE COMPANY," HARTFORD, CONN. 

[accident department.] 

[Commenced business, accident department, Jan. 1, 1891.] 

Morgan G. Bulkeley, President. Joel L. English, Secretary. 

Note. — As this company is doing both a life and accident business, and its assets are all held 
equally for the protection of both classes of policy holders, the assets ai - e therefore not divided 
for the different departments. The details of both departments are given in their respective 
places. 

Income. 



Premiums on risks written or renewed, . 
Less reinsurance and return premiums, . 

Net cash premiums received, . 
Interest received on mortgages, 
Interest and dividends received from all other 



Total income accident department, 
Total income life department, . 

Gross income, .... 
Net or ledger assets Dec. 31, 1895, . 



Total, 



$459,476 30 
10,996 84 



sources, 



$448,479 46 

8,857 44 

104 25 

$457,441 15 
7,524,708 23 

$7,982,149 38 
41,464,157 28 

$49,446,306 66 



Disbursements. 

Cash paid for matured claims, .... $170,619 33 

Deduct reinsurance, 855 35 

Net cash paid for matured claims, . . 

Cash paid for commissions and brokerage, .... 

for salaries and expenses of officers and employees, 

for medical examiner's fees, 

for loss expense, 

for taxes and fees, . 

for rent, .... 

for legal expenses, . 

for furniture, advertising and printing, 

for incidentals, .... 

Total disbursements accident department, 
Total disbursements life department, 

Gross disbursements, 

Balance, . 



$169,763 98 

142,428 23 

29,498 27 

1,400 16 

1,612 29 

5,374 86 

4,725 00 

215 50 

9,847 06 

7,514 04 

$372,379 39 
5,592,880 61 

$5,965,260 00 

$43,481,046 66 



232 



jETNA life insurance company. 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule*), 
on company's policies assigned as collateral, 

Cost value of stocks and bonds owned (schedule *), 

Cash in company's office, .... 

Cash deposited in bank, .... 

Premium notes or loans on policies in force, 

Agents' debit balances, .... 

Loans on personal security, 

Total, 

Deduct agents' credit balances, 

Total net or ledger assets, as per balance, 



$486,348 25 

25,200,422 44 

422,672 65 

1,058,715 00 

12,872,180 31 

578,118 52 

2,190,160 78 

660,778 17 

25,662 22 

1,350 00 

$43,496,408 34 
15,361 68 

,481,046 66 



Other Assets. 
Interest due and accrued, . 
Market value of stocks and bonds over cost, , 
Premiums in course of collection, . 

Total assets, per company's books, . 



. 1,148,652 61 

574,571 85 
358,581 17 

$45,562,852 29 



Items not admitted. 



Agents' debit balances, 
Loans on personal security, 
Total, . ... 

Total assets, 
Deduct special deposits in other States, 

Balance, 



$25,662 22 
1,350 00 



27,012 22 

$45,535,840 07 

348,554 00 

$45,187,286 07 



Liabilities. 

Claims adjusted or in process, . 
Unearned premiums on outstanding risks, 

Liabilities accident department, 
Liabilities life department, 

Gross liabilities, except capital, 
Deduct liability on special deposits, 

Surplus as regards policy holders, 
Paid-up capital, .... 

Surplus over capital, . 



$53,143 41 
148,392 46 

$201,535 87 
38,297,714 03 

,499,249 90 
348,554 00 



38,150,695 90 

. $7,036,590 17 
. 1,750,000 00 

. $5,286,590 17 



* For schedules, see life department, pp. 52-60, 



THE AMERICAN CREDIT INDEMNITY CO. OF NEW YORK. 233 



Risks outstanding Dec. 31, 1895, 
Risks written during 1896, 



Risks and Premiums. 

Premiums. 

$57,347,350 00 $212,398 60 
178,462,433 00 459,476 30 



Total, 

Deduct risks expired and terminated, 

In force at end of year, 
Deduct amount reinsured, 

Net amount in force, . 



$235,809,783 00 $671,874 90 
156,725,933 00 379,858 36 



$79,083,850 00 $292,016 54 
979,500 00. 3,684 43 



,104,350 00 $288,332 11 



Miscellaneous. 

Premiums received from organization of accident department, $1,134,879 00 
Claims paid from organization of accident department, . . 423,656 00 
Claims incurred during the year, 210,639 00 



"THE AMERICAN CREDIT INDEMNITY COMPANY OF NEW 

YORK," NEW YORK, N. Y. 

[Incorporated April 28, 1893. Commenced business May 1, 1893.] 
Paid-up Capital, $200,000. 



S. M. Phelan, President. 

Income. 
Premiums outstanding Dec. 31, 1895, 
Premiums on risks written or renewed, 

Total, . . . . . 
Premiums now in course of collection, 

Entire premiums collected, 
Less rebate and return premiums, . 



Net cash premiums received, . 
Interest and dividends received from all 
Cash recovered on losses paid, 
Received from increase of capital, . 



Total income, 
Net or ledger assets Dec. 31, 1895, 



E. M. Treat, Secretary. 

$37,791 25 
234,843 86 



$272,635 11 
36,135 00 

$236,500 11 
30,049 25 



sources, 



Total, 



$206,450 86 

7,770 27 

16,892 60 

50,000 00 



$281,113 73 
284,629 20 

$565,742 93 



Disbursements. 

Cash paid for claims, $76,976 68 

for commissions and brokerage, .... 52,805 97 

for salaries and expenses of officers and employees, 50,224 96 

for taxes and fees, 2,798 74 



234 THE AMERICAN CREDIT INDEMNITY CO. OF NEW YORK. 



Cash paid for rent, .... 
for legal expenses, . 
for advertising and printing, 
for incidentals, 



Total disbursements, . 

Balance, 

Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of United States bonds owned, 

Cash in company's office, . 

Cash deposited in bank, . 

Bills receivable, 

Agents' debit balances, 

Notes taken for premiums, 

Total,. 
Deduct agents 1 credit balances 

Total net or ledger assets, as per balance, 

Other Assets. 



$ 1,429 33 
7,348 23 
4,353 88 

12,847 51 

$208,785 30 
$356,957 63 



Interest due and accrued, 

Value of accounts purchased, . . 

Gross premiums in course of collection, 

Total assets, per company's books, 

Items not admitted and Depreciation. 

Agents' debit balances, ..... $3,708 22 

Bills receivable, . . . . . . . 500 00 

Premium notes, doubtful, 1,453 26 

Depreciation from cost of bonds, . . . 812 50 
Total, . . . 



Total admitted assets, 



$211,312 50 

1,020 50 

122,265 85 

500 00 

3,708 22 

18,334 76 

$357,141 83 
184 20 



$356,957 


63 


243 


74 


6,672 


13 


36,135 


00 


$400,008 50 



6,473 98 



$393,534 52 



Liabilities. 

Claims adjusted or in process, . 
Unearned premiums on outstanding risks, 
State and local taxes, 
Commissions and brokerage, . 

Gross liabilities, except capital, 

Surplus as regards policy holders, 
Paid-up capital, 

Surplus over capital, . 



$8,763 00 

112,900 68 

300 00 

3,666 46 



125,630 14 

$267,904 38 
200,000 00 

$67,904 38 



AMERICAN MUTUAL LIABILITY INSURANCE CQMPANY. 235 



Risks and Premiums. 

Premiums. 

Risks outstanding Dec. 31, 1895, . . . $5,401,333 00 $181,723 92 
Risks written during 1896, 



Total, 

Deduct risks expired and terminated, 

In force at end of year, 



6,822,666 00 234,843 86 



. $12,223,999 00 $416,567 78 
. 5,718,833 00 190,766 42 



. $6,505,166 00 $225,801 36 



Miscellaneous. 

Premiums received from organization of company, 
Claims paid from organization of company, . 
Claims incurred during the year, .... 
Company's stock owned by directors, 



$631,610 00 

127,059 00 

76,977 00 

180,000 00 



AMERICAN MUTUAL LIABILITY INSURANCE COMPANY, 

BOSTON. 

[Incorporated March 30, 1887. Commenced business Oct. 1, 1887.] 

William C. Lovering, President. Sydney A. Williams, Secretary. 

Principal Office, 40 Water Street. 

Income. 

Premiums outstanding Dec. 31, 1895, . . $726 15 

Premiums on risks written or renewed, . . 161,463 14 



Total, . . „ $162,189 29 

Premiums now in course of collection, . . 6,338 38 



Entire premiums collected, . . . $155,850 91 
Less reinsurance and return premiums, . . 4,813 94 

Net cash premiums received, . 
Interest and dividends received from all sources, . 



$151,036 97 
6,089 93 



Total income, $157,126 90 

Net or ledger assets Dec. 31, 1895, 163,219 73 



Total, $320,346 63 



Disbursements. 

Cash paid for matured claims, $78,000 28 

policy holders for profits on terminated policies, . 40,367 39 

for salaries and expenses of officers and employees, 14,081 04 

for inspections, 3,700 04 

for taxes, 1,502 26 



236 AMERICAN MUTUAL LIABILITY INSURANCE COMPANY. 



Cash paid for rent, .... 
for furniture and fixtures, 
for incidentals, 

Total disbursements, . 

Balance, 



$560 00 

224 60 

4,033 92 



|142,469 53 
$177,877 10 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of stocks and bonds owned (schedule A), 

Cash in company's office, 

Cash deposited in bank, ....... 



Total, . 



Other Assets. 
Interest due and accrued, .... 
Rents due and accrued, .... 
Market value of stocks and bonds over cost, 
Gross premiums in course of collection, . 

Total assets, per company's books, . 

Liabilities. 

Claims adjusted or in process, . 

known or reported, 

disputed or resisted, 
Unearned premiums on outstanding risks, 
Bills payable, . 

Gross liabilities, 

Surplus as regards policy holders, . 



f 161,113 75 

37 36 

16,725 99 





$177,877 10 




2,239 36 


. • . 


60 00 


. 


1,076 25 


. 


6,338 38 


. 


$187,591 09 


$2,000 00 




5,000 00 




25,000 00 




75,305 64 




203 00 






107,513 64 





,077 45 



Risks and Premiums. 



Contingent 
Premiums. 



Amount at Kisk. Premiums. 

Risks outstanding Dec. 31,1895, $53,216,120 00 $128,853 09 $644,265 45 
Risks written during 1896, . 60,393,600 00 161,463 14 807,315 70 



Total, 
Deduct risks expired and ter- 
minated, 

In force at end of year, 



$113,609,720 00 $290,316 23 $1,451,581 15 
53,596,120 00 139,704 94 698,524 70 



,013,600 00 $150,611 29 $753,056 45 



Miscellaneous. 
Premiums received from organization of company, 
Claims paid from organization of company, . 
Profits or surplus returned during the year, 30 per cent. 



,164,722 00 

487,247 00 



AMERICAN SURETY COMPANY OF NEW YORK. 



237 



Schedule A. 

Bonds, etc., owned by the Company. 



Old Colony Railroad Bonds, .... 
Boston & Lowell Railroad bonds, . 
Burlington & Missouri River Railroad bonds, . 
Chicago, Burlington & Quincy Railroad bonds, 
Phila., Wilmington & Baltimore R.R. bonds, . 
Boston Terminal Co. bonds, .... 
Corporation notes, 



Cost Value. 

$20,837 50 
20,305 00 
4,443 75 
15,502 50 
10,100 00 
29,925 00 
60,000 00 



Market Value. 

$21,000 00 
20,910 00 
4,900 00 
15,180 00 
10,200 00 
30,000 00 
60,000 00 



$161,113 75 $162,190 00 



"AMERICAN SURETY COMPANY OF NEW YORK," NEW 

YORK, N. Y. 

[Incorporated April 14, 1884. Commenced business April 15, 1884.] 
Paid-up Capital, $2,500,000. 



Wm. L. Trenholm, President. 



Income. 



Premiums outstanding Dec. 31, 1895, 
Premium on risks written or renewed, 



other 



,611,091 34 
146,578 82 

L,464,512 52 
294,735 98 



Total, 

Premiums now in course of collection, 

Entire premiums collected, 
Less reinsurance and return premiums, 

Net cash premiums received, . 
Interest received on mortgages, 
Interest and dividends received from all 
Income from rents, .... 
Profit on securities sold, . 
Cash recovered on losses paid, . 
Received from all other sources, viz. : borrowed money, 



W. E. Keyes, Secretary. 

Fidelity and Surety. 

$151,902 56 
1,459,188 78 



sources, 



Total income, 
Net or ledger assets Dec. 31, 1895, 



Total, 



:,169,776 54 

525 27 

44,613 72 

153,640 21 

7,830 00 

35,714 11 

50,000 00 



£1,462,099 85 
4,696,039 83 



1,158,139 68 



Disbursements. 
Cash paid for matured claims, . . . $390,148 72 
Deduct salvage and reinsurance, . . . 155,806 98 

Net cash paid for matured claims, . . $234,341 74 

Cash dividends paid, ... .... 200,000 00 

Cash paid for commissions and brokerage, .... 49,545 68 

for salaries and expenses of officers and employees, 347,954 96 

for inspections, ....... 18,947 53 

for taxes and fees, . . . .... 63,685 11 



238 



AMERICAN SURETY COMPANY OF NEW YORK. 



Cash paid for rent, .... 
for legal expenses, . 
for real estate expenses, . 
for furniture and fixtures, 
for advertising, printing, etc., 
for incidentals, 

Total disbursements, . 

Balance, 



$2,804 19 
11,420 42 
96,214 95 
21,361 42 
31,772 81 
97,073 82 

fl,175,122 63 

|4,983,017 05 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 

Loans on collateral security (schedule A), 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Bills receivable, secured by trust deed, . 

Secured judgments against T., St. L. & Ks. City R.R., 



Total. 



Other Assets. 

Interest accrued, 

Rents due, . . . . . . 

Market value of stocks and bonds over cost, 
Gross premiums in course of collection, . 

Total assets, per company's books, . 
Deduct special deposits in other States, . 
Deduct loan in excess of market value, . 



$3,420,778 82 
15,000 00 

110,721 86 

965,765 62 
19,985 89 

101,156 89 
25,697 98 

323,909 99 

$4,983,017 05 



61,134 49 

7,742 77 

74,330 63 

146,578 82 

$5,272,803 76 



$189,900 00 
78,331 86 



268,231 86 



Balance, $5,004,571 90 



Liabilities. 
Fidelity claims in process of adjustment, 
Fidelity claims disputed or resisted, 
Unearned premiums on outstanding risks, 
Due for borrowed money, 
Incidentals, 

Gross liabilities, except capital, 
Deduct liability on special deposits, 

Surplus as regards policy holders, 
Paid-up capital, 



Surplus over capital, 



$147,479 27 

151,499 28 

607,848 98 

150,000 00 

22,369 28 

1,079,196 81 
45,539 03 



1,033,657 78 

53,970,914 12 
2,500,000 00 

^1,470,914 12 



AMERICAN SURETY COMPANY OF NEW YORK. 



239 



Risks and Premiums. 

Fidelity and Surety. 

Premiums. 

Risks outstanding Dec. 31, 1895, . . $186,038,482 00 $1,117,482 52 
Risks written during 1896, . . . 246,777,108 00 1,459,188 78 



Total, $432,815,590 00 $2,576,671 30 

Deduct risks expired and terminated, . 226,364,493 00 1,380,39153 



In force at end of year, 



$206,451,097 00 $1,196,279 77 



Miscellaneous. 

Premiums received from organization of company, 
Claims paid from organization of company, . 
Cash dividends declared from organization of company 
Claims incurred during the year, .... 
Company's stock owned by directors, 



$6,679,630 00 

2,230,042 00 

1,100,000 00 

464,858 00 

1,113,400 00 



Schedule A. 

Securities held as Collateral. 

Market Value. 

247 shares Bohn Manufacturing Co., St. Paul, $12,350 00 
Lonsdale-Beaumont Water Company bonds, . 27,000 00 

100 shares Atlantic City Sewerage Co., . . ) 
Personal bond of $160,000, . . . . S 



Amount Loaned. 

$12,350 00 
20,040 00 

78,331 86 



$39,350 00 $110,721 86 



Schedule B. 

Stocks and Bonds owned by the 



300 shares Delaware & Hudson Canal Co., 
93 " Mechanics 1 National Bank, . 
2,396 " The State Trust Co , . 
100 " Lawyers' Mortgage Ins. Co., 
100 " Maryland Trust Co., . 
10 " Philadelphia Bourse, . 
United States bonds, 

Missouri, Kansas & Texas R.R. bonds, . 
Louisville, St. Louis & Texas R.R. bonds, 



Company. 

Cost Value. 

$39,937 50 

4,505 00 

371,782 50 

12,500 00 

10,000 00 

500 00 

472,834 37 

27,606 25 

26,100 00 



Market Value. 

$34,650 00 

4,533 75 

479,200 00 

12,500 00 

10,000 00 

500 00 

444,000 00 

28,612 50 

26,100 00 



$965,765 62 $1,040,096 25 



240 THE CITY TRUST SAFE DEPOSIT AND SURETY CO. OF PHIL A. 



"THE CITY TRUST SAFE DEPOSIT AND SURETY COMPANY 
OF PHILADELPHIA," PHILADELPHIA, PA. 

[Incorporated June 4, 1886. Commenced business June 4, 1886.] 
Paid-up Capital, $500,000.* 



Charles M. Swain, President 



Income. 



Premiums outstanding Dec. 31, 1895, 
Premiums on risks written or renewed, 

Total, 

Premiums now in course of collection, 

Entire premiums collected, 
Less reinsurance and return premiums, 

Net cash premiums received, ... 
Interest received from all sources, . 
Cash recovered on losses paid, 

Total income, .... 
Net or ledger assets Dec. 31, 1895, . 



James F. Ltnd, Secretary. 



Surety. 

$13,132 34 
187,566 89 



$200,699 23 
14,537 79 

$186,161 44 
15,803 42 



$170,358 02 
30,000 00 

522 75 

$200,880 77 
325,038 41 



Total, $525,919 18 

Disbursements. 

Cash paid for matured claims, .... $27,278 17 
Deduct salvage and reinsurance, . . . 6,495 89 

Net cash paid for matured claims, . . $20,782 28 

Cash dividends paid,* 29,970 00 

Cash paid for commissions and brokerage, .... 12,324 01 

for salaries and expenses of officers and employees, 45,285 61 

for taxes and fees, 2,220 27 

for legal expenses, . '. 3,175 93 

for incidentals, 6,769 51 



Total disbursements, . 
Balance, 



. $120,527 61 



. $405,391 57 



* The capital of this company is $500,000 ; besides this, the company has on deposit, solely for 
the protection of its surety policy holders, with the insurance commissioner for the State of 
Pennsylvania, securities of the market value of two hundred and ten thousand, two hundred and 
sixty dollars ($210,260). 

This company is doing in Pennsylvania a safe deposit and trust business as well as a surety 
business, and its assets, except the special deposit above referred to, are held equally liable for 
all its liabilities; the said special deposit with the insurance commissioner of Pennsylvania is for 
the benefit of surety policy holders. 



THE CITY TRUST SAFE DEPOSIT AND SURETY CO. OF PHIL A. 241 



Invested in the following : — 

Assets as per Ledger Accounts 

Loans on mortgage of real estate, .... 
Cost value of bonds, etc., owned (schedule A), 
Due from trust department for premiums collected, 
Cash deposited in banks, 



Total net or ledger assets, as per balance, 



$6,553 58 

204,600 00 

165,389 16 

28,848 83 

1405,391 57 



Other Assets. 

Interest accrued, 

Market value of bonds, etc., over cost, 
Gross premiums in course of collection, . 

Total assets, per company's books, . 



3,302 53 

5,660 00 

14,537 79 

$428,891 89 



Liabilities. 

Claims adjusted or in process, . 
known or reported, 
disputed or resisted, 

Total amount of claims, . 
Less reinsurance, 

Net amount of unpaid claims, . 
Unearned premiums on outstanding risks, 
Dividends to stockholders unpaid, . 
Due and accrued for incidental expenses, 
Reinsurance, ...... 

Commissions and brokerage, . 

Gross liabilities, except capital, 

Surplus as regards surety policy holders, 



$289 35 
1,177 47 
6,491 21 



$7,958 03 
2,795 60 



$5,162 43 




106,902 89 




30 00 




500 00 




117 50 




1,503 29 






114,216 11 




• • • 


$314,675 78 



Risks and Premiums. 

Surety 

Risks outstanding Dec. 31, 1895, 
Risks written during 1896, 



Total, 

Deduct risks expired and terminated, 

In force at end of year, 
Deduct amount reinsured, 



Premiums. 

. $37,034,531 00 $146,923 24 
. 45,437,912 00 187,566 89 



. $82,472,443 00 $334,490 13 
. 28,696,038 00 114,664 42 



.$53,776,405 00 $219,825 71 
. 1,248,415 00 6,019 93 



Net amount in force, . 



. $52,527,990 00 $213,805 78 



242 



CONVEYANCERS TITLE INSURANCE COMPANY, 



Miscellaneous. 

Surety. 
Premiums received from organization of company, 
Claims paid from organization of company, .... 
Cash dividends declared from organization of company, 

Claims incurred during the year, 

Company's stock owned by directors, . . ... 

Schedule A. 

Stocks and Bonds, etc., owned by the Company. 

Cost Value. 

City of Pittsburg bonds, f 18,600 00 

City of Erie bonds, 13,000 00 

Borough of South Chester bonds, . . . 16,000 00 

City of Williarnsport bonds, . . . . 9,000 00 

County of Allegheny bonds, .... 28,000 00 

City of Allegheny bonds, 1,000 00 

Borough of South Bethlehem bonds, . . 17,000 00 

Philadelphia & Erie R.R. Co. bonds, . . 7,000 00 

Lehigh Coal & Nav. Co. bonds, . . . 5,000 00 

City of Pittsburg bonds, 3,000 00 

City of Philadelphia bonds, .... 57,000 00 

Pitts., Cincinnati & St. Louis R.R. bonds, . 15,000 00 

Edison Electric Light Co. bonds, . . . 9,000 00 

H. S. Burbank mortgage 6,000 00 



$753,145 00 
89,104 00 

120,000 00 
20,930 00 

171,500 00 



Market Value. 

$19,530 00 

13,000 00 

16,160 00 

9,090 00 

28,840 00 

1,030 00 

17,000 00 

8,050 00 

6,750 00 

3,120 00 

57,000 00 

16,050 00 

8,640 00 

6,000 00 



$204,600 00 $210,260 00 



CONVEYANCERS TITLE INSURANCE COMPANY, BOSTON. 

[Incorporated Jan. 31, 1889. Commenced business March 18, 1889] 

Paid-up Capital, $200,000. 

Frederick C. Bowditch, President. James R. Carret, Secretary. 

Henry H. Edes, Treasurer and Manager. 

Office, 28 State Street. 
Detailed Statement of Stocks. 

• Par Value. Market Value. 

100 shares Third National Bank, . . . $10,000 00 $8,900 00 



Summary of Assets Dec. 31, 1896. 

Loans on mortgage of real estate, . . . $186,302 50 

Interest accrued thereon, 1,732 34 

Stocks as per schedule, ....... 8,900 00 

Cash in the office of the company, . . . 173 12 

Cash deposited in bank, 45,636 50 

Gross assets, . . . . . . $242,744 46 



THE EMPLOYERS' LIABILITY ASSURANCE CORP'N, LIMITED. 243 



Income. 

Received from premiums, .... $6,097 50 

from searches, 13,126 78 

from commissions, .... 11,309 60 

Interest and dividends from all sources, . . 23,002 44 

Gross cash income, . . . . . 

Expenditures. 

Cash dividends paid, $8,000 00 

Cash paid for salaries, 15,576 00 

for counsel fees, .... 4,627 01 

for commissions and brokerage, . 783 12 

for advertising, .... 71 00 

for office rent, 850 00 

for general expense and incidentals, 3,336 98 

Gross cash expenditures, .... 

Miscellaneous. 

Amount of policies issued during the year, .... 
of mortgages bought during the year, 
of mortgages sold during the year, .... 

Capital stock, at par, owned by directors (28 per cent.), 



$53,536 32 



$33,244 11 



pl,707,450 00 

1,880,645 25 

1,855,969 32 

56,000 00 



UNITED STATES BRANCH OF "THE EMPLOYERS 1 LIABILITY 
ASSURANCE CORPORATION, LIMITED," LONDON, ENG. 

Deposit Capital, $200,000. 

Geo. M. Endicott, Attorney, 
Office, 71 Kilby Street, Boston. 



Income. 

Ace. and Emp. Liab. 

Prem's outst'd'g Dec. 31, 1895, . $237,984 13 
Prem's written or renewed, . 1,230,000 11 



Total, $1,467,984 24 

Prem's in course of collection, . 271,347 08 

Entire premiums collected, $1,196,637 16 

Less reins, and return prem's, . 179,581 74 



Interest received from all sources, . 

Total income, . . 
Net or ledger assets Dec. 31, 1895, . 



Fidelit3% 

$5,601 70 
29,616 78 

$35,218 48 
4,385 97 

30,832 51 
4,705 07 



Net cash premiums ree'd, . $1,017,055 42 $26,127 44 



$1,043,182 86 
35,571 35 



1,078,754 21 

935,242 43 



Total, $2,013,996 64 



244 THE employers' liability assurance corp'n, limited. 



Disbursements. 

Ace. and Emp. Liab. Fidelity. 

Cash paid for matured claims, . $637,523 59 $5,716 77 

$643,240 36 

Cash paid for commissions and brokerage, .... 231,795 81 

for salaries and expenses of officers and employees, 58,193 29 

for taxes and fees, ....... 21,523 61 

for rent, rates, etc., 16,732 05 

for legal and real estate expenses, .... 5,268 70 

for furniture and fixtures, ..... 1,425 16 

for advertising and printing, ..... 17,523 88 

for incidentals, 17,221 18 

Depreciation, 60,074 00 

Remitted to home office, . . 49,861 54 

Total disbursements, $1,122,859 58 

Balance, . . . $891,137 06 



Invested in the following : — 

Assets as per Ledger Accounts. 

i 

Cost value of stocks and bonds owned (schedule A), . . $941,407 50 

Cash in company's office, 750 00 

Cash deposited in bank and with trustees, . . . . 4,537 06 



Total, $946,694 56 

Deduct depreciation,. . . . . . . . . 55,557 50 



Total net or ledger assets, as per balance, . . . $891,137 06 



Other Assets. 

Interest due and accrued, 7,137 09 

Gross premiums in course of collection, 270,640 61 



Total assets, per company's books, $1,168,914 76 

Items not admitted and Depreciation. 
Cash not in control of trustees', ...... 1,383 04 



Total assets, ......... $1,167,531 72 

Deduct special deposits in other States, ..... 57,000 00 



Balance, . . $ 1,110,531 72 



THE EMPLOYERS' LIABILITY ASSURANCE CORP'N, LIMITED. 245 



Liabilities. 

Claims in process of adjustment, 
Claims disputed or resisted, 
Unearned premiums on outstanding risks, 
Commissions and brokerage, . 

Gross liabilities, except capital, 
Deduct liability on special deposits, 

Surplus as regards policy holders, 
Deposit capital, .... 



$16,470 00 

231,510 00 

483,627 98 

49,118 00 

,725 98 
38,568 25 



Surplus over capital, . 

Risks and Premiums. 

Accident and Employers' Liability. 



Risks outstanding Dec. 31, 1895, 
Risks written during 1896, 

Total, 

Deduct risks expired and terminated, 



$203,772,780 00 
276,750,024 00 

$480,522,804 00 
268,298,901 00 



$742,157 73 

$368,373 99 
200,000 00 

$168,373 99 



Premiums. 

$905,656 80 
1,230,000 11 

£2,135,656 91 
1,192,439 56 



In force at end of year, 



Risks outstanding Dec. 31, 1895, 
Risks written during 1896, 



$212,223,903 00 $943,217 35 



Fidelity. 



Total, 

Deduct risks expired and terminated, 

In force at end of year, 



$5,551,340 00 
6,663,775 00 

$12,215,115 00 
6,620,818 00 



$24,672 62 
29,616 78 



$54,289 40 
29,425 86 



Miscellaneous. 
Losses incurred during the year, 

Schedule A. 
Stocks and Bonds owned by the 



Aroostook County, Me., bonds, 
Baltimore & Ohio R.R. bonds, 
Boston & Maine R.R. bonds, 
City of Buffalo bonds, 
City of Los Angeles bonds, 
City of Lynn bonds, . 
City of Portland, Ore., W. L. bonds, 
City of Providence W. L. bonds, 
City of Springfield W. L. bonds, 
Dexter & Piscataquis R.R. bonds, 



»,594,297 00 $24,863 54 



$642,095 00 



Company. 

Cost Value. 

$5,025 00 
28,015 00 
15,750 00 
52,000 00 
25,961 25 
54,562 50 
67,350 00 
4,290 00 
5,093 75 
50,750 00 



Market Value. 

$5,000 00 
22,100 00 
17,325 00 
50,000 00 
25,000 00 
52,000 00 
66,600 00 
4,480 00 
5,400 00 
50,000 00 



246 THE FIDELITY AND CASUALTY CO. OF NEW YORK. 



Eastern R.R. bonds, . . 

Fort St. Un. Dep. Co., Detroit, bonds, 

Lowell, Lawrence & Haverhill St. R.R. bonds 

Maine Central R.R. bonds, 

State of Massachusetts bonds, . 

N. Y. Cent. & Hud. River R.R. bonds, 

Pennsylvania R.R bonds, . 

Phila , Wilm'n & Bait. R.R. bonds, . 

Portland & Rumford Falls R.R. bonds, 

Town of Andover bonds, 

Town of Canton bonds, 

United States bonds, . 

West End St. R.R. bonds, 

Atchison R.R. bonds, 

Atchison R.R. stock, . 



Cost Value. 

$6,062 50 
25,500 00 
10,300 00 

8,525 00 
15,825 00 
27,237 50 

5,600 00 
50,375 00 
24,750 00 
66,150 00 

5,450 00 

316,062 50 

52,000 00 

16,477 50 

2,295 00 



Market Value. 

$5,950 00 
25,500 00 
10,300 00 

7,380 00 
15,825 00 
24,000 00 

5,800 00 
51,500 00 
25,000 00 
61,800 00 

5,200 00 

279,500 00 

52,000 00 

16,120 00 

2,070 00 



$941,407 50 $885,850 00 



"THE FIDELITY AND CASUALTY COMPANY OF NEW YORK," 

NEW YORK, N. Y. 

[Incorporated March 20, 1876. Commenced business May 1, 1876.] 

Paid-up Capital, $250,000. 

George F. Seward, President. Robert J. Hillas, Secretary. 

Income. 

Cash rec'd for ace. aud emp. liab. risks, . . $2,453,146 14 

Deduct reinsurance and return premiums, . 604,963 54 

Net cash ree'd for ace. and emp. liab. risks, — $1,848,182 60 

Cash received for burglary risks, . . . $101,224 02 

Deduct reinsurance and return premiums, . 23,912 35 

Net cash received for burglary risks, . — 77,311 67 

Cash received for fidelity risks, . . . $308,660 24 

Deduct reinsurance and return premiums, . 79,164 96 

Net cash received for fidelity risks, . . 229,495 28 

Cash received for plate-glass risks, . . . $299,434 02 

Deduct reinsurance and return premiums, . 50,394 87 

Net cash received for plate-glass risks, . — 249,039 15 

Cash received for steam-boiler risks, . . $310,141 27 

Deduct reinsurance and return premiums, . 62,116 62 

Net cash received for steam-boiler risks, . — 248,024 65 

Total net cash premiums received, f 2,652,053 35 

Interest and dividends received from all sources, . . . 64,481 40 
Income from rents, ' . . 55,412 06 

Total income, $2,771,946 81 

Net or ledger assets Dec. 31, 1895, 2,048,169 41 

Total, $4,820,116 22 



THE FIDELITY AND CASUALTY CO. OF NEW YORK. 247 






Disbursements 

Cash paid for ace. and emp. liab. claims, 
Deduct rebate and reinsurance, 

Net cash p'd for ace. and emp. liab. claims 
Cash paid for burglary claims, 
Deduct amount recovered, 

Net cash paid for burglary claims, 
Cash paid for fidelity claims, . 
Deduct amount recovered, 

Net cash paid for fidelity claims, 
Cash paid for plate-glass claims, 
Deduct salvage and reinsurance, 

Net cash paid for plate-glass claims 
Cash paid for steam-boiler claims, . 

Total paid policy holders, , 
Cash dividends paid, .... 
Cash paid for commissions and brokerage, 

for salaries and expenses of officers 

for medical examiner's fees, 

for inspections, 

for taxes and fees, . 

for rent, .... 

for legal expenses, . 

for furniture and fixtures, 

for advertising, printing, etc., 

for incidentals, 

Total disbursements, . 
Balance, 



$927,859 38 
10,112 86 

$21,660 39 
42 08 

$72,468 93 
28,311 07 

$102,226 90 
9,669 99 



and employees 



$917,746 52 
21,618 31 
44,157 86 



92,556 91 
27,293 14 

$1,103,372 74 
40,000 00 

693,600 28 

338,123 61 
2,485 00 

101,188 84 
48,774 82 
56,574 81 

152,291 44 
10,437 06 
44,874 50 
74,136 60 

$2,665,859 70 

$2,154,256 52 



Invested in the following : — 

Assets as per Ledger Accounts 
Cost value of real estate, ..;... 
Cost value of stocks and bonds owned (schedule A), 
Cash in company's office, ..... 
Cash deposited in bank, ..... 

Bills receivable, 

Agents' debit balances, ..... 

Total net or ledger assets, as per balance, 



$575,182 90 

1,449,801 16 

22,137 81 

62,370 30 

6,227 28 

38,537 07 

$2,154,256 52 



Other Assets. 

Interest accrued, . ... 

Rents accrued, 

Market value of real estate over cost, 
Reserve reinsurance deposit, . . . 



1,161 67 

960 46 

21,371 42 

9,962 67 



248 THE FIDELITY AND CASUALTY CO. OF NEW YORK. 



( Accident and employers' liability, 
Burglary, . 



Premiums in course of T 

„ .'" " 4 Fidelity, . 

collection (gross), i ™ ^ 1 

Vo y ' Plate-glass, 

^ Steam-boiler, . 
Total assets, per company's books, . 



Items not admitted and Depreciation. 

Agents' debit balances, ...'.. $38,537 07 

Bills receivable, ...... 6,227 28 

Depreciation from cost of assets, . . . 23,486 96 

Total, 



Total admitted assets, 
Deduct special deposits in other States, 



Balance, 



$355,489 33 

8,700 87 

16,288 89 

40,879 45 

59,632 74 

2,668,704 02 



68,251 31 

2,600,4.52 71 

40,790 00 

1,559,662 71 



Liabilities. 

Claims in process of adjustment, 
known or reported, 
disputed or resisted, 

( Accident, 

Unearned premiums on • & ^' 

outstanding risks, 1 v 

Plate-glass, 

^ Steam-boiler, 

Commissions and brokerage, . 

All other indebtedness, 

Gross liabilities, except capital, 
Deduct liability on special deposits, 

Surplus as regards policy holders, 
Paid-up capital, .... 



Surplus over capital, 



$111,230 90 

10,094 87 

337,653 04 

919,127 28 

45,184 90 

117,847 82 

126,306 38 

205,857 10 

125,779 22 

21,927 04 

$2,021,008 55 
40,790 00 



1,980,218 55 

$579,444 16 
250,000 00 

$329,444 16 



Risks and Premiums. 



Accident and employers' liability risks in force 



Dec. 31, 1895, .... 

Accident risks written during the year, 

Total, 

Risks terminated during the year, . 

Deduct risks reinsured, . . 
In force Dec. 31, 1896, 



$329,860,140 00 

502,600,401 00 

$832,460,541 00 

472,226,678 00 

$360,233,863 00 

10,000 00 



Premiums. 

11,744,640 89 
2,496,717 69 

£4,241,358 58 
2,403,976 56 

£1,837,382 02 

42 00 



$360,223,863 00 $1,837,340 02 



THE FIDELITY AND CASUALTY CO. OF NEW YORK. 249 

Premiums. 

Burglary risks in force Dec. 31, 1895, . . $11,073,377 00 $79,089 07 
Burglary risks written or renewed during the 

year, 16,068,271 00 105,422 30 



Total, $27,141,648 00 $184,511 37 

Risks terminated during the year, . . . 13,344,144 00 94,342 68 



In force Dec. 31, 1896, . . . .$13,797,504 00 $90,168 69 

Fidelity risks in force Dec. 31, 1895, . . $39,682,911 00 $233,396 15 
Fidelity risks written or renewed during the 

year, 55,559,087 00 303,098 72 



Total, $95,241,998 00 $536,494 87 

Risks terminated during the year, . . . 53,108,801 00 299,801 74 



1,133,197 00 $236,693 13 
Deduct risks reinsured, . .... 215,000 00- 1,072 50 



In force Dec. 31, 1896, .... $41,918,197 00 $235,620 63 

Plate-glass risks in force Dec. 31, 1895, . . $9,827,362 00 $261,858 22 
Plate-glass risks written or renewed during 

the year, 11,798,777 00 304,895 44 



Total, $21,626,139 00 $566,753 66 

Risks terminated during the year, . . . 11,793,131 00 313,189 76 



$9,833,008 00 $253,563 90 
Deduct risks reinsured, 63,278 00 1,037 16 



In force Dec. 31, 1896, .... $9,769,730 00 $252,526 74 

Steam-boiler risks in force Dec. 31, 1895, . $79,725,310 00 $363,099 60 
Steam-boiler risks written or renewed during 

the year, 84,800,172 00 325,114 54 



Total, $164,525,482 00 $688,214 14 

Risks terminated during year, .... 76,790,222 00 301,796 13 



In force Dec. 31, 1896, .... $87,735,260 00 $386,418 01 



Miscellaneous. 

Premiums received from organization of company, . $20,053,032 00 
Claims paid from organization of company, .... 7,494,551 00 
Cash dividends declared from organization of company, . 362,500 00 

Claims incurred during the year, 1,103,373 00 

Company's stock owned by directors, 192,200 00 



250 THE FIDELITY AND CASUALTY CO. OF NEAV YORK, 



Schedule A. 

Stocks and Bonds owned by the Company. 

Cost Value. Market Value. 

City of New York bonds, . . $100,250 00 $87,000 00 

City of Richmond, Va., bonds, .... 12,600 00 11,750 00 

400 shares Chicago & Alton Railway, . . . 54,781 25 64,000 00 

300 " Western Union Telegraph Co., . 25,025 00 24,900 00 

500 " Lake Shore & Mich. South'n R.R., 67,150 00 75,500 00 

350 " N. Y , Lackawanna & West'n R.R., 31,950 00 41,300 00 

1,000 " Pittsb'gh, McK'sp't & Youg. R.R., 60,875 00 64,000 00 

1,000 " Pennsylvania R.R., ... 53,887 50 51,625 00 

517 " Morris & Essex Ext. R.R., . . 49,622 50 47,822 50 

200 " United New Jersey R.R. & C. Co., 45,243 75 47,800 00 

300 " Rome, Watertown &Ogden.R.R., 33,050 00 35,100 00 

300 " St. Paul & Duluth R.R., . . 30,600 00 24,300 00 

300 " Consolidated Gas Co. of N.Y., . 31,737 50 41,700 00 

250 " Cleve., Cinn., Chic. & St. L. R.R., 24,100 00 18,000 00 

500 » Chicago & Northwestern R'y, . 52,900 00 50,750 00 

500 " St. Paul, Minn. & Manitoba R.R., 56,687 50 56,000 00 

300 " Chicago, Mil. & St. Paul Railway, 35,725 00 39,150 00 

200 " Chic, St. P., Minn. & Omaha R.R., 23,950 00 26,000 00 

300 " Chicago & Northwestern R'y, . 42,000 00 45,375 00 

300 " Chicago & Eastern Illinois R.R., . 29,100 00 28,500 00 

300 « Manhattan Railway, . . . 37,250 00 26,625.00 

200 " Delaware & Hudson Canal Co., . 26,700 00 23,050 00 

United States bonds, ..... 193,768 75 170,987 50 

State of Indiana bonds, 50,750 00 49,000 00 

Chicago, Rock Island & Pacific R R. bonds, . 26,421 88 26,156 25 

Western Union Tel. Co., Col. Trust bonds, . 25,000 00 26,375 00 

Central Ohio R.R. Co. bonds 25,000 00 24,500 00 

Wabash R.R. Co. bonds, ..... 25,500 00 26,500 00 

Cinn., Ind., St. L. & Chicago R'y bonds, . . 23,625 00 24,250 00 

Central R.R. of New Jersey bonds, . . . 25,625 00 29,500 00 

Lake Erie & Western R.R. bonds, . . . 25,996 53 29,375 00 

Brooklyn & Montauk R.R. bonds, . . . 27,434 00 26,500 00 

Pitts., Clev. & Toledo R.R. bonds, . . . 22,050 00 21,840 00 

Canada Southern R'y bonds, .... 26,445 00 27,718 75 

Chesapeake & Ohio R'y bonds, . . . 17,000 00 19,600 00 

King's Co. Elevated R'y bonds, . . . 10,000 00 4,500 00 



$1,449,801 16 $1,437,050 00 



FIDELITY AND DEPOSIT COMPANY OF MARYLAND. 251 



"FIDELITY AND DEPOSIT COMPANY" OF MARYLAND," 

BALTIMORE, MD. 

[Incorporated Feb. 15, 1890. Commenced business June, 1890.] 
Paid-up Capital, $750,000. 

Edwin Warfield, President. Herman E. Bosler, Secretary. 

Income. 

Surety. 

Premiums outstanding Dec. 31, 1895, . . $48,342 30 
Premiums on risks written or renewed, . . 715,014 67 

Total, $763,356 97 

Premiums now in course of collection, . . 80,355 97 

Entire premiums collected, . . . $683,001 00 
Less reinsurance and return premiums, . . 16,587 40 

Net cash premiums received, . . . $666,413 60 

Interest and dividends received from all sources, . . . 26,905 17 

Income from rents, . 29,055 75 

Received from commissions, . 28,149 05 



Total income, $750,523 57 

Net or ledger assets Dec. 31, 1895, 1,371,434 08 

Total, . . . . . $2,121,957 65 



Disbursements. 

Cash paid for matured claims, .... $127,873 20 
Deduct salvage and reinsurance, . . . 18,327 53 

Net cash paid for matured claims, . . $109,545 67 

Cash dividends paid, ' . . . . 60,000 00 

Cash paid for commissions and brokerage, .... 155,834 93 

for salaries and expenses of officers and employees, 43,618 94 

for taxes and fees, 23,863 99 

for rent, . . 6,437 52 

for legal expenses, 2,778 60 

for advertising, printing, etc., 24,239 27 

for incidentals, . 54,416 67 

Total disbursements, . $480,735 59 

Balance, $1,641,222 06 



252 



FIDELITY AND DEPOSIT COMPANY OF MARYLAND. 



Invested in the following : — 



Assets as per Ledger Accounts. 

Cost value of real estate, ...... 

Value of stocks and bonds owned (schedule A), 
Cash in company's office, ...... 

Cash deposited in bank, . 

Total, ......... 



$588,050 57 

903,806 00 

8,884 60 

140,480 89 

1,641,222 06 



Other Assets. 
Gross premiums in course of collection, . 

Total assets, per company's books, . 
Deduct special deposits in other States, . 

Balance, ...... 



80,855 97 

$1,721,578 03 
68,375 00 

$1,653,203 03 



Liabilities. 

Claims adjusted or in process, . 

known or reported, 

disputed or resisted, 
Unearned premiums on outstanding risks, 
Commissions and brokerage, . 

Gross liabilities, except capital, 
Deduct liability on special deposits, 



Surplus as regards policy holders, . 
Paid-up capital, 



$4,842 46 

9,438 57 

4,331 80 

355,177 32 

14,752 07 

,542 22 
35,532 88 



353,009 34 

. $1,300,193 69 
750,000 00 



Surplus over capital, . 



$550,193 69 



Risks and Premiums. 

Surety. 



Risks outstanding Dec. 31, 1895, 
Risks written during 1896, 

Total, 

Deduct risks expired and terminated, 

In force at end of year, 



Premiums. 

$75,726,507 00 $351,524 33 
119,095,684 00 715,014 67 



$194,822,191 00 $1,066,539 00 
74,613,087 00 356,184 35 



$120,209,104 00 $710,354 65 



THE GUARANTEE COMPANY OF NORTH AMERICA. 



253 



Miscellaneous. 

Premiums received from organization of company, 
Claims paid from organization of company, . 
Cash dividends declared from organization of company 
Claims incurred during the year, .... 
Company's stock owned by directors, 



.,475,136 00 

199,413 00 

80,000 00 

84,205 00 

371,600 00 



Schedule A. 

Bonds owned by the Company. 



City of Frederick, Md., bonds, . 

City of Westminster, Md., bonds, 

City jfe Suburban Railway Company bonds, 

City of Petersburg, Va., bonds, 

Baltimore city bonds, 

City of Richmond, Va., bonds, . 

Lucas County, Ohio, court house bonds, 

State of Tennessee bonds, 

Virginia Midland R.R. bonds, . 

Baltimore Traction R.R. bonds, 

Maryland Insane Asylum bonds, 



Cost Value. 

$21,403 00 
25,156 25 
42,893 00 
26,835 00 

519,653 82 
25,000 00 
30,750 00 
26,250 00 
22,170 00 
51,000 00 

102,060 00 



Market Value. 

$21,420 00 
25,000 00 
44,000 00 
26,750 00 

529,116 00 
25,000 00 
30,000 00 
26,400 00 
21,280 00 
51,840 00 

103,000 00 



$893,171 07 $903,806 00 



UNITED STATES BRANCH OF "THE GUARANTEE COMPANY 
OF NORTH AMERICA," MONTREAL, CAN. 

Deposit Capital, $200,000. 



Edward Rawlins, President. 



Income. 



Premiums outstanding Dec. 31, 1895, 
Premiums on risks written or renewed, 



Total, ........ $226,557 84 

Premiums now in course of collection, . . 11,406 47 

Entire premiums collected, .... $215,151 37 
Less reinsurance and return premiums, . . 43,113 47 

Net cash premiums received, . . . 

Interest and dividends received from all sources, . 



Robert Kerr, Secretary. 

Fidelity. 

$8,689 15 
217,868 69 



$172,037 90 
18,832 07 



Total income, $190,869 97 

Net or ledger assets Dec. 31, 1895, 557,939 20 



Total, |748,809 17 



254 



THE GUARANTEE COMPANY OF NORTH AMERICA. 



Disbursements 
Cash paid for matured claims,. 
Deduct salvage and reinsurance, 

Net cash paid for matured claims, . 
Cash dividends paid, .... 

Cash paid for commissions and brokerage, 

for salaries and expenses of officers 

for inspections, 

for taxes and fees, . 

for rent, . 

for legal expenses, . 

for incidental expenses, 

for depreciation from cost of assets 

Total disbursements, 

Balance, 



,321 63 
30,443 91 



and employees 



$59,877 72 

6,882 00 

6,465 21 

51,284 55 

24,946 14 

5,333 86 

7,473 71 

1,029 88 

11,972 55 

8,267 91 

$183,533 53 

$565,275 64 



Invested in the following : — 



Assets as per Ledger Accounts 
Book value of real estate, .... 

Loans on mortgage of real estate (first liens), 
Cost value of stocks and bonds owned (schedule A), 

Cash deposited in bank, 

Furniture, etc., ....... 



Total net or ledger assets, as per balance, 



$34,099 54 
5,430 00 

479,190 00 

44,227 30 

2,328 80 

$565,275 64 



Other Assets. 

Interest accrued, 

Market value of real estate over book value, . 
Gross premiums in course of collection, . 

Total assets, per company's books, . 



3,380 00 
14,025 46 
11,406 47 

$594,087 57 



Items not admitted and Depreciation. 

$2,328 80 

80,600 00 

in control 



Office furniture, etc., 
Stocks and bonds, . ^ 
Real estate, . . . ! not 
Loans on mortgages, j trustees, 
Cash in bank, . . J 
Depreciation from cost of assets, 
Total, 



of 



Total assets, . . . . 
Deduct special deposits in other States, 

Balance, ■ • t . . 



34,099 54 
5,430 00 

44,227 30 
6,970 00 



173,655 64 

$420,431 93 
16,150 00 

$404,281 93 



THE GUARANTEE COMPANY OF NORTH AMERICA. 



255 



Liabilities. 

Claims adjusted or in process, . 
Claims disputed or resisted, 
Unearned premiums on outstanding risks, 
Due and accrued for rent, salaries, etc., 
Commissions and brokerage, . 

Gross liabilities, except capital, 
Deduct liability on special deposits, 

Surplus as regards policy holders, 
Paid-up capital, .... 



Surplus over capital, . 



$7,366 17 

71,000 00 

90,067 74 

1,445 82 

570 82 

$170,450 55 
16,150 00 



$154,300 55 

$249,981 38 

200,000 00 

$19,981 38 



Risks and Premiums. 

Fidelity. 



Risks outstanding Dec. 31, 1895, 
Risks written during 1896, 

Total, 

Deduct risks expired and terminated, 

In force at end of year, 
Deduct amount reinsured, 

Net amount in force, . 



Premiums. 

.$42,626,510 00 $213,726 16 
. 48,314,242 00 217,868 69 



,940,752 00 $431,594 85 
46,892,412 00 219,494 05 



,048,340 00 $212,100 80 
6,579,189 00 31,965 32 



.$37,469,151 00 $180,135 48 



Miscellaneous. 

Claims incurred during the year, 



$38,610 00 



Schedule A. 

Stocks and Bonds owned by the Company. 



United States bonds, . 
City of Richmond, Va., bonds, . 
City of Toronto bonds, 
Montreal harbor bonds, . 
Canada Southern Railway bonds, 
City of Brooklyn, N. Y., bonds, 
United States Guarantee Co. stock, 
Philadelphia Bourse stock, 
Western Union Telegraph Co. stock, 
Montreal Telegraph Co. stock, 



Cost Value. 

$110,400 00 

16,140 00 

10,800 00 

19,470 00 

10,500 00 

106,700 00 

149,100 00 

200 00 

17,000 00 

38,880 00 



Market Value. 

$108,000 00 

16,150 00 

10,500 00 

19,270 00 

10,500 00 

102,300 00 

149,100 00 

200 00 

16,600 00 

39,600 00 



$479,190 00 $472,220 00 



256 THE HARTFORD STEAM BOILER INSPECTION AND INS. CO. 



"THE HARTFORD STEAM BOILER INSPECTION" AND INSUR- 
ANCE COMPANY," HARTFORD, CONN. 

[Incorporated June, 1866. Commenced business October, 1866.] 
Paid-up Capital, $500,000. 



J. M. Allen, President. 

Income. 

Premiums outstanding Dec. 31, 1895, 
Premiums on risks written or renewed, 

Total, 

Premiums now in course of collection, 

Entire premiums collected, 
Less reinsurance and return premiums, 

Net cash premiums received, . 
Interest and dividends received from all sources, 

Profit on securities sold, 

Received from special mechanical services, . 



J. B. Pierce, Secretary. 

$240,063 03 
1,007,989 61 



$1,248,052 64 
298,304 12 

$949,748 52 
100,768 41 



Total income, .... 
Net or ledger assets Dec. 31, 1895, . 

Total, .*.... 



$848,980 11 

83,676 11 

296 56 

2,833 14 

$935,785 92 
1,781,153 37 

12,716,939 29 



Disbursements. 
Cash paid for matured claims, .... 
Cash dividends paid, ..... 

Cash paid for commissions and brokerage, 

for salaries and expenses of officers and employees 

for inspections, 

for taxes and fees, . 

for rent, .... 

for legal expenses, . 

for furniture, fixtures, etc., 

for advertising, printing, etc., 

for profit and loss, . 

for depreciation of real estate 

for incidentals, 

Total disbursements, . 
Balance, 



$83,049 26 

60,000 00 

198,223 93 

128,898 63 

315,757 20 

16,417 16 

4,218 75 

1,634 50 

4,509 46 

31,412 16 

7,946 60 

20,000 00 

2,164 75 

$874,232 40 

$1,842,706 89 






Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 



$47,919 53 
328,875 00 



THE HARTFORD STEAM BOILER INSPECTION AND INS. CO. 257 

Cost value of stocks and bonds owned (schedule A), . $1,371,012 66 

Cash in company's office, 3,142 75 

Cash deposited in bank, 91,756 95 

Total, $1,842,706 89 

Other Assets. 

Interest accrued, 33,660 05 

Gross premiums in course of collection, 298,304 12 

Total assets, per company's books, $2,174,671 06 

Deduct depreciation from cost of assets, ..... 26,216 09 

Total assets $2,148,454 97 

Deduct special deposits in other States, 30,000 00 

Balance, $2,118,454 97 

Liabilities. 

Claims adjusted or in process, .... $10,885 07 
Unearned premiums on outstanding risks, . 1,291,858 03 
Commissions and brokerage, .... 29,358 28 

Gross liabilities, except capital, . . $1,332,101 38 
Deduct liability on special deposits, . . 14,808 05 

1,317,293 33 

Surplus as regards policy holders, $801,161 64 

Paid-up capital, 500,000 00 

Surplus over capital, $301,161 64 

Risks and Premiums. 

Premiums. 

Risks outstanding Dec. 31, 1895, . . $265,519,189 00 $2,485,295 33 
Risks written during 1896, .... 115,882,392 00 1,007,989 61 

Total,. ...... $381,401,581 00 $3,493,284 94 

Deduct risks expired and terminated, . . 112,906,281 00 1,000,165 50 

In force at end of year, . . . $268,495,300 00 $2,493,119 44 

Miscellaneous. 

Premiums and inspections received from organization of com- 
pany, $10,835,981 00 

Claims paid from organization of company, .... 967,442 00 
Cash dividends declared from organization of company, . 834,750 00 

Claims incurred during the year, 75,370 00 

Company's stock owned by directors, 110,600 00 



258 THE HARTFORD STEA& BOILER INSPECTION AND INS. CO. 



Schedule A. 

Bonds and Stocks owned by the Company. 

Cost Value. Market Value. 

State of Connecticut bonds, . . . ' . $107,250 00 $100,000 00 

United States bonds, ...... 2,326 00 2,200 00 

Wooster, Ohio, city bonds, .... 10,000 00 10,600 00 

Toledo, Ohio, city bonds, 16,125 00 16,500 00 

Columbus, Ohio, city bonds, .... 10,300 00 10,300 00 

Atchison, Kansas, city bonds, .... 15,000 00 15,000 00 

Solomon, Kansas, city bonds, .... 4,975 00 5,000 00 

Hutchinson, Kansas, city bonds, . . . 12,000 00 13,200 00 

Cullison, Kansas, city bonds, .... 6,825 00 4,875 00 

Coolidge, Kansas, city bonds, . 10,570 00 2,500 00 

Leavenworth, Kansas, city bonds, . . . 2,475 00 2,500 00 

Horton, Kansas, city bonds, . . . . 10,600 00 12,600 00 

Winfield, Kansas, city bonds, . . . 9,950 00 10,500 00 

Oberlin, Kansas, city bonds, .... 5,000 00 5,000 00 

Medicine Lodge, Kansas, city bonds, . . 5,000 00 5,000 00 

Evansville, Indiana, city bonds, . . . 12,000 00 12,000 00 

Vincennes, Indiana, city bonds, . . . 16,160 00 16,000 00 

Council Bluffs, Iowa, city bonds, . . . 6,000 00 6,300 00 

York, Nebraska, city bonds, .... 10,000 00 10,500 00 

Columbus, Nebraska, city bonds, . . . 10,100 00 10,500 00 

Trinidad, Colorado, city bonds, . . . 5,125 00 5,250 00 

Gladstone, Michigan, city bonds, . . . 10,000 00 10,500 00 

Gladwin, Michigan, city bonds, . . . 7,490 00 7,350 00 

Albina, Oregon, city bonds, .... 11,175 00 12,500 00 

Astoria, Oregon, city bonds, .... 21,00000 20,90000 

Rockport, Texas, city bonds, .... 10,000 00 10,000 00 

Fort Worth, Texas, city bonds, . \ . 9,750 00 10,000 00 

Dallas, Texas, city bonds, .... 10,300 00 10,300 00 

Tyler, Texas, city bonds, 6,360 00 6,300 00 

Wheeling, W. Virginia, city bonds, . . . 11,300 00 11,000 00 

Huntington, W. Virginia, city bonds, ". . 10,525 00 10,500 00 

Charleston, W. Virginia, city bonds, . . 20,900 00 21,000 00 

Richmond, Virginia, city bonds, . . . 29,562 50 30,000 00 

Roanoke, Virginia, city bonds, . . . . 5,175 00 5,250 00 

Qgden, Utah, city bonds, 5,462 50 5,500 00 

Olympia, Washington, city bonds, . . . 10,762 50 10,500 00 

Athens, Georgia, city bonds, .... 20,200 00 20,000 00 

Griffin, Georgia, city bonds, ..... 6,000 00 6,000 00 

Abilene, Kansas, Board of Education bonds, . 8,160 00 8,000 00 

Anthony, Kansas, Board of Education bonds, . 13,062 50 12,500 00 

Nebraska school district bonds, . . . 2,439 57 2,275 57 

Kansas school district bonds, . . . . 13,396 40 13,135 00 

Colorado school district bonds, . . . 10,000 00 10,000 00 

Maricopa, Arizona, school district bonds, . 10,439 60 10,500 00 



THE HARTFORD STEAM BOILER INSPECTION AND INS. CO. 259 



Houston, Texas, school district bonds, 
Centreville, Iowa, school district bonds, . 
Second North school district bonds, Hartford, 
Red'ds, Lugonia & Cral'ton U. H. S. Dist. b'cls, 
W. C. Special Drainage Dist., Illinois, bonds, . 
No. Branch Lake Fork Drain'ge Dist., Ill , b'ds, 
Big Lake Drainage District, Illinois, bonds, 
Arizona Improvement Co. bonds, 
Oxford, Kansas, township bonds, 
Oswego, Kansas, township bonds, . 
Jefferson, Kansas, township bonds, . 
Reno, Kansas, township bonds, 
Dexter, Kansas, township bonds, 
Haskell, Kansas, township bonds, . 
Albion, Nebraska, village bonds, 
School Creek Precinct, Clay Co., Neb., bonds 
Sutton Precinct, Clay County, Neb., bonds, 
Lewis Precinct, Clay County, Neb., bonds, 
Pawnee County, Kansas, bonds, 
Dickinson County, Kansas, bonds, . 
Riley County, Kansas, bonds, . 
Lyon County, Iowa, bonds, 
Cascade County, Montana, bonds, . 
Albany County, Wyoming, bonds, . 
Spokane County, Washington, bonds, 
Snohomish County, Washington, bonds, 
Skagit County, Washington, bonds, . 
Travis County, Texas, bonds, . 
Rains County, Texas, bonds, . 
Graham County, Arizona, bonds, 
Jefferson County, Ohio, bonds, 
Muskingum County, Ohio, 
Arapahoe County, Colorado, bonds, . 
Milwaukee County, Wisconsin, bonds, 
Marion County, Indiana, bonds, 
Arizona Territory bonds, . 
St. Louis & San Francisco R.R. bonds, 
Cincinnati, Dayton & Ironton R.R. bonds 
Evansville & Richmond R.R. bonds, 
Dayton & Western R.R. bonds, 
Mahoning Coal R.R. bonds, 
Cincinnati, Jackson & Mackinaw R.R. bonds, 
Chicago, Burlington & Quincy R.R. bonds, 
Indiana & Lake Michigan R.R bonds, 
Jamaica & Brooklyn Road Co. bonds, 
Kanawha & Michigan Railway bonds, . 
Cleveland, Cinn., Chic. & St. Louis R'y b'ds, 
Terre Haute & Peoria R.R. bonds, . 



Cost Value. 

$10,000 00 

10,100 00 

10,000 00 

10,885 44 

10,250 00 

9,630 00 

15,600 00 

15,750 00 

10,000 00 

10,000 00 

10,000 00 

15,000 00 

10,000 00 

5,250 00 

6,270 00 

5,000 00 

5,000 00 

8,000 00 

11,000 00 

15,000 00 

9,600 00 

10,000 00 

8,590 00 

10,250 00 

10,500 00 

8,651 30 

10,537 50 

10,375 00 

5,200 00 

5,350 00 

10,500 00 

5,000 00 

8,000 00 

. 22,100 00 

22,025 00 

10,000 00 

6,455 20 

9,550 00 

9,000 00 

10,317 00 

9,350 00 

12,282 20 

3,200 00 

10,000 00 

4,950 00 

7,600 00 

4,550 00 

10,150 00 



Market Value. 

$10,000 00 

10,100 00 

10,400 00 

10,200 00 

10,200 00 

9,450 00 

15,600 00 

16,000 00 

10,500 00 

10,000 00 

10,500 00 

15,750 00 

10,500 00 

2,500 00 

6,300 00 

5,250 00 

5,250 00 

8,400 00 

11,550 00 

16,200 00 

10,500 00 

5,000 00 

8,800 00 

10,500 00 

10,500 00 

8,400 00 

10,500 00 

5,000 00 

5,250 00 

5,250 00 

10,500 00 

5,100 00 

8,000 00 

22,000 00 

22,000 00 

10,200 00 

4,550 0C 

10,800 00 

5,000 00 

16,800 00 

11,700 00 

7,000 00 

3,380 00 

8,500 00 

5,000 00 

7,800 00 

4,750 00 

8,500 00 



260 THE LAWYERS' SURETY COMPANY OF NEW YORK. 



Chicago & Western Indiana R.R. bonds, . 
Evansville & Indianapolis R.R. bonds, 
N. Y., New Haven & Hartford R.R. bonds, 
Louisville, New Albany & Chicago R.R. b'ds 
Philadelphia & Reading R.R. bonds, 
Northern Pacific R.R. bonds, . 
Chicago & Erie R R. bonds, 
Hartford Street Railway bonds, 
40 shares City National Bank, Hartford, 



100 

100 

100 

85 

43 

50 

190 

120 

100 

100 

110 

100 

50 

60 

200 

400 



Hartford National Bank, Hartford 
Security Co., Hartford, . 
American National Bank, Hartford 
Farmers' & Mech.'s Nat'l B'k, Hart. 
./Etna National Bank, Hartford, 
Puritan Trust Company, Boston, 
N. Y., New Haven & Hartford R.R 
Chic, Burlington & Quincy R.R., 
Chicago, Mil. & St. Paul R.R., 
Atchison, Topeka & Santa Fe R.R 
Chicago, Rock Isl. & Pacific R.R., 
Chicago & Northwestern R.R., 
Bald Eagle Valley R.R., 
St. Louis & San Francisco R.R., 
Northwestern Telegraph Co., 
Pacific & Atlantic Telegraph Co., 



Cost Value. 

$29,000 00 

5,600 00 

7,693 50 

16,200 00 

29,120 00 

50,590 00 

10,557 50 

30,525 00 

4,251 20 

15,578 00 

11,990 00 

6,418 50 

9,013 25 

4,614 00 

5,000 00 

23,125 00 

14,225 00 

12,100 00 

10,784 50 

13,537 00 

14,025 00 

4,900 00 

6,405 00 

10,150 00 

7,550 00 



Market Value. 

$29,000 00 

4,000 00 

10,275 00 

15,750 00 

30,800 00 

51,500 00 

11,000 00 

30,600 00 

4,000 00 

14,000 00 

12,000 00 

6,500 00 

9,520 00 

6,235 00 

5,000 00 

33,820 00 

8,400 00 

13,000 00 

1,400 00 

7,260 00 

15,200 00 

5,000 00 

5,771 00 

11,000 00 

7,500 00 



:,371,012 66 $1,344,796 57 



"THE LAWYERS' SURETY COMPANY OF NEW YORK," NEW 

YORK, N. Y. 

[Incorporated March 30, 1892. Commenced business April 1, 1892.] 
Paid-up Capital, $500,000. 

Joel B. Erhardt, President. 

Income. 

Premiums outstanding Dec. 31, 1895, 
Premiums on risks written or renewed, . 

Total, 
Premiums now in course of collection, . 



Joel Rathbone, Secretary. 

$29,147 24 
125,211 16 



$154,358 40 
27,936 27 



Entire premiums collected, 
Less reinsurance and return premiums, . 

Net cash premiums received, . . . - 
Interest and dividends, received from all sources, 

Income from rents, 

Received from all other sources, 

Total income, 

Net or ledger assets Dec. 31, 1895, . 

Total, . 



$126,422 13 
26,904 46 



,517 67 
18,715 28 
160 00 

1,708 26 



$120,101 21 
614,009 75 

$734,110 96 



THE LAWYERS' SURETY COMPANY OF NEW YORK. 



261 



Disbursements 
Cash paid for matured claims, . 

for commissions and brokerage, 

for salaries and expenses of officers and e 

for taxes and fees, . 

for rent, .... 

for legal expenses, . 

for real estate expenses, . 

for furniture and fixtures, 

for advertising and printing, 

for incidentals, . 



mployees 



Total disbursements, . 
Balance, ..... 

Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, 

Cost value of stocks and bonds owned (schedule A), 

Cash in company's office, 

Cash deposited in bank, 

Bills receivable, ........ 

Furniture and fixtures 

Total net or ledger assets, as per balance, 

Other Assets. 
Interest due and accrued, .... 

Rents due, . 

Market value of real estate over cost, 

Market value of stocks and bonds over cost, 

Gross premiums in course of collection, . 

Total assets, per company's books, . 

Items not admitted. 
Office furniture, etc., 



Bills receivable, ..... 
Total, ....... 

Total admitted assets, 

Liabilities. 
Unearned premiums on outstanding risks, 
Due and accrued for rent, salaries, etc., . 
Commissions and brokerage, . 

Gross liabilities, except capital, 

Surplus as regards policy holders, . 
Paid-up capital, 



$921 85 
2,073 38 



$6,904 36 

2.708 88 
37,490 76 

1,034 55 
6,724 10 
8,433 88 
319 21 
2,428 32 

5.709 79 
10,196 37 

$81,950 22 

$652,160 74 



$15,632 26 

623,543 57 

449 29 

9,540 39 

2,073 38 

921 85 

$652,160 74 

4,134 03 

160 00 

4,287 74 

3,620 00 

27,936 27 

$692,298 78 



2,995 23 



,303 55 



Surplus over capital, . 



$50,406 75 

1,499 16 

164 17 


52,070 08 




. 


$637,233 47 
500,000 00 


• . . 


$137,233 47 



262 LLOYDS PLATE- GLASS INSURANCE CO. OF NEW YORK. 



Risks and Premiums. 

Premiums. 

Risks outstanding Dec. 31, 1895, . . . $22,005,014 00 $100,244 31 
Risks written during 1896, . . . . 37,070,591 00 125,211 16 



Total,. ..... 

Deduct risks expired and terminated, 

In force at end of year, 



. $59,075,605 00 $225,455 47 
. 25,879,292 00 124,641 97 



. $33,196,313 00 $100,813 50 



Miscellaneous. 

Premiums received from organization of company, 
Claims paid from organization of company, . 
Company's stock owned by directors, 



$393,774 00 

7,111 00 

186,100 00 



Schedule A. 

Stocks and Bonds owned by the Company. 



New York city bonds, .... 
Rome, Watertown & Ogdensburg R.R. stock, 
United States bonds, .... 

Chesapeake & Ohio R R. bonds, 
Virginia Midland R R. bonds, . 
Brooklyn city bonds, . . 



Cost Value. 

$494,672 17 

5,756 25 

84,192 26 

16,412 50 

12,408 75 

10,101 64 



Market Value. 

$496,561 07 
5,850 00 
84,652 50 
14,525 00 
15,075.00 
10,500 00 



$623,543 57 $627,163 57 






" LLOYDS PLATE-GLASS INSURANCE COMPANY OF NEW 
YORK," NEW YORK, N. Y. 

[Incorporated August, 1882. Commenced business September, 1882.] 
Paid-up Capital, $250,000. 

William T. Woods, President. Charles E. W. Chambers, Secretary. 



Income. 

Premiums outstanding Dec. 31, 1895, 
Premiums on risks written or renewed, 

Total, 

Premiums now in course of collection, 

Entire premiums collected, 
Less reinsurance and return premiums, 
Net cash premiums received, . 



$63,893 66 

420,282 71 



$484,176 37 
67,587 12 

$416,589 25 
29,129 73 



|387,459 52 



LLOYDS PLATE-GLASS INSURANCE CO. OF NEW YORK. 263 



Interest received on mortgages, .... 
Interest and dividends received from all other sources, 
Income from rents, 

Total income, . 

Net or ledger assets Dec. 31, 1895, .... 



Total, 



$1,148 22 
13,827 15 
16,655 68 

$419,090 57 
607,842 36 

$1,026,932 93 



$175,352 00 
18,341 53 



Disbursements. 

Cash paid for matured claims, .... 
Deduct salvage and reinsurance, 

Net cash paid for matured claims, . 
Cash dividends paid, ..... 

Cash paid for commissions and brokerage, 

for salaries and expenses of officers and employees 

for taxes and fees, . 

for rent, .... 

for legal expenses, . 

for real estate expenses, . 

for advertising, printing and stationery, 

for losses on securities sold, 

for incidentals, 

Total disbur